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<br />'I <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />NOTE 1 - NATURE OF THE AGENCY AND <br />SIGNIFICANT ACCOUNTING POLICIES: <br /> <br />The Community Redevelopment Agency of the City of Santa Ana <br />(the Agency) is a separate governmental entity established pursuant <br />to the State of California Health and Safety Code, Section 33000 <br />entitled "Community Redevelopment Law". Its purpose is to prepare <br />and carry out plans for the improvement, rehabilitation and re- <br />development of blighted areas within the territorial limits of the <br />City of Santa Ana (the City). The State Health and Safety Code pro- <br />vides that upon the approval of a redevelopment plan, future in- <br />cremental increases in the tax base within the designated project <br />area will be paid to the redevelopment agency until all indebted- <br />ness incurred to finance the project has been paid. The Agency is <br />currently administering one redevelopment project established in <br />1973. The area of the City defined by this project includes prin- <br />cipally commercial properties. <br /> <br />The City Council has declared itself to be the Agency pursuant <br />to the Community Redevelopment Law and functions as the Agency's <br />Board of Directors. The Council established a seven member <br />Community Redevelopment Commission to assist in the implementation <br />of projects approved by the Agency. The Agency has no employees; <br />all Agency duties and functions are performed by employees of the <br />City. The City is reimbursed for the cost of these and other <br />services (Note 2). <br /> <br />Significant accounting policies <br /> <br />Basis of accounting <br /> <br />The accrual basis of accounting is followed by the Agency. <br /> <br />A-5 <br />