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<br />. <br /> <br />explore alternative means of financing public facilities while <br />maintaining an adequate level of vital services with its General <br />Fund revenues. <br /> <br />The South Main project Area, however, has sufficient <br />funds to finance the acquisition and rehabilitation of the <br />properties due to the recent refinancing of Tax Allocation Bonds <br />and the generation of additional bond proceeds. <br /> <br />C. <br /> <br />THE BLIGHTING CONDITION WITHIN THE PROJECT AREA THAT THE <br />EXPENDITURE OF AGENCY FUNDS WILL HELP TO ELIMINATE <br /> <br />As discussed above, the South Main project Area and the <br />city as a whole are lacking in cultural and educational resources. <br />The Artists' Village will partially meet the need for such <br />resources. In addition, due to the proximity of the properties to <br />the South Main Project Area, parking facilities on the Properties <br />may also serve residents and businesses in the South Main Project <br />Area. <br /> <br />IV. <br /> <br />THE REDEVELOPMENT PURPOSE FOR WHICH TAX INCREMENT FUNDS ARE <br />BEING USED TO PAY FOR THE ACOUISITION AND REHABILITATION OF <br />THE PROPERTIES <br /> <br />8. <br /> <br />As discussed above in sections IILA. and IILC. of this <br />report, the funding of the acquisitign and.rehabilitation of the <br />Properties with funds from the South Main Project Area will assist <br />in the elimination of blight within the South Main project Area and <br />within the Central city Project Area. The rehabilitation of the <br />Properties will eliminate physical blight, which is one of the <br />major goals listed in section 100 of the Redevelopment Plan for the <br />South Main Redevelopment Project Area. <br /> <br />centcity. rpt <br /> <br />. <br /> <br />6 <br /> <br />3 <br /> <br />30 <br />