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bk:4/29/08 <br />RESOLUTION NO. 2008-XXX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA IDENTIFYING THE CENSUS TRACTS <br />COMPRISING THE TARGETED EMPLOYMENT AREA <br />FOR THE SANTA ANA ENTERPRISE ZONE <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br />A. On January 31, 2008, Governor Arnold Schwarzenegger announced that <br />the City of Santa Ana has been conditionally re-designated as a California <br />Enterprise Zone. This designation shall be in effect for fifteen (15) years. <br />B. The California Enterprise Zone Program targets economically distressed <br />areas using special state and local incentives to promote business <br />investment and job creation. By encouraging entrepreneurship and <br />employer growth, the program strives to create and sustain economic <br />expansion in California communities. <br />C. Section 7072(1) of the California Government Code defines a "Targeted <br />Employment Area" as an area within a city that is composed solely of <br />those census tracts that have at least 51 percent of its residents of low- or <br />moderate-income levels. Its purpose, according to the Code, is to <br />encourage businesses in an enterprise zone to hire eligible residents from <br />these geographic areas. The incentive for these businesses is the <br />availability of a tax credit for hiring residents who reside in a TEA. <br />D. By adoption of Resolution No. 97-002, the City Council of the City of Santa <br />Ana established Santa Ana's Targeted Employment Area ("TEA"). <br />E. Recent legislation, Assembly Bill 1550, requires that enterprise zones, <br />which obtained a TEA prior to the availability of the 2000 United States <br />census data, review and update their TEA boundaries to reflect the most <br />recent census data. <br />F. To comply with this requirement, Santa Ana's application to the <br />Department of Housing and Community Development must include a <br />certified copy of a resolution of the City Council of the City of Santa Ana <br />55B-3 Resolution No. 2007-XXX <br />Page 1 of 2 <br />