1978-12 CRA - Laserfiche WebLink

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,¡ 5 6 7 8 GALLEY 4- 9 10 11 12 13 14 ~: INTRODUCTION 11 18 19 20 21 22 823 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 844 45 48 47 48 49 50 51 52 53 54 55 56 57 58 58 80 61 62 63 .84 65 66 87 68 68 70 71 72 73 74 711 '" Proof of Fobr.ary 16, 1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 The Constitution and laws of the State of Cali- fornia recognize the vital need for the elimination and rehabilitation of deteriorating urban areas in the state through conservation and redevelopment efforts, and provide an effective means of accom- plishing these objectives. Under the provisions of the Community Redevelopment Law (California Health & Safety Code, Sections 33000 et seq.), communities containing areas subject to economic and social deterioration may remedy these condi- tions by activatmg a redevelopment agency, which has the power to designate specific areas for rede- velopment, prepare plans for redevelopment of the designated areas, and carry out the approved plans. Financing of redevelopment projects in California may be provided through the issuance of tax alloca- tion bonds or notes by the agency. These types of obligations are payable from property taxes collected from within a project area upon the increase in assessed valuation which has resulted from redevel- opment, as more fully described in this official state- ment. The local community may also advance funds to the redevelopment agency to help meet project costs, in which event, the advances may be repaid from such increased taxes" In January 1973, the Santa Ana City Council determined that there was a need for redevelop- ment of portions of the city, and by ordinance activated the Community Redevelopment Agency of the City of Santa Ana which is a public entity sepa- rate and apart from the city" The City Council serves as the Agency" The City of Santa Ana Redevelopment Project Area, (the "Project") the Agency's first and to date, only project, was approved by a city ordinance adopted July 2, 1973. The Project redevelopment plan was amended in June 1975, adding about 190 acres to the ,Project. The amended Project consists of about 694 acres, and includes residential, com- mercial, industrial and public areas. The $13,500,000 principal amount of 1978 Tax Allocation Bonds currently offered for sale on behalf of the Project will be used to finance acquisition of land by the Agency for resale for private develop- ment, site clearance, relocation expenses, construc-