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<br />. <br /> <br />South Main Project Area; and <br /> <br />WHEREAS, there are insufficient tax increment revenues or <br />other funds available from the Central city Project Area to fund <br />the acquisition and rehabilitation of the Properties; and <br /> <br />WHEREAS, there are tax increment revenues or other funds <br />generated by the South Main Project Area which are available to <br />fund the acquisition and rehabilitation of the Properties; and <br /> <br />WHEREAS, the lack of cultural amenities and educational <br />facilities in the South Main project Area and the city as a whole <br />is a blighting condition; and <br /> <br />WHEREAS, the acquisition and rehabilitation of the Properties <br />are of benefit to the South Main Project Area because the develop- <br />ment of the Artists' Village will provide a cultural amenity and <br />create an educational opportunity for the residents of the South <br />Main Project Area and the city as a whole and will assist in <br />eliminating blighting conditions due to insufficient parking and <br />access to structures in an area less than two blocks from the South <br />Main Project Area; and <br /> <br />. <br /> <br />WHEREAS, there is no other reasonable means available to the <br />community for financing the acquisition and rehabilitation of the <br />Properties; and <br /> <br />WHEREAS, the acquisition and rehabilitation of the Properties <br />will assist in eliminating one or more blighting conditions in the <br />South Main Project Area; and <br /> <br />WHEREAS, California Health and Safety Code section 33445 <br />requires the legislative body of the City to determine, prior to <br />the payment of any portion of the cost of acquisition and rehabili- <br />tation of the Properties, that such acquisition and rehabilitation <br />of the Properties will be of benefit to the South Main Project <br />Area, that no other reasonable means of financing the acquisition <br />and rehabilitation of the Properties is available to the community <br />and that the use of funds from the South Main project Area to pay <br />the cost of acquisition and rehabilitation of the Properties will <br />assist in the elimination of one or more blighting conditions in <br />the South Main Project Area; and <br /> <br />WHEREAS, the factual basis supporting such determinations has <br />been discussed in the Report entitled, "Acquisition and Rehabilita- <br />tion of Properties for Artists' Village" attached hereto as Exhibit <br />A; and <br /> <br />. <br /> <br />WHEREAS, the Agency has considered such report and has held a <br />public hearing as required by California Health and Safety Code § <br />33679 for the purpose of receiving public input and comment; <br /> <br />2 <br />