U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) 4

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I `` ~i ~ ~~L.l O C ~ ~ ~ - ` A-2008-261 AMENDMENT # 1 TO THE MEMORANDUM OF AGREEMENT Santa Ana, California Empowerment Zone This agreement (the "Amendment") amends the Memorandum of Agreement-for the Santa Ana, California Empowerment Zone, among the Department of Housing and Urban Development ("HUD"), the State of California and the City of Santa Ana (the "Nominating Entities"). WHEREAS, the Santa Ana Empowerment Zone as originally designated by HUD consists of 1990 Census Tracts 744.03; 744.05; 745.01; 746.02; 748.02; 749.01; 749.02; along with three developable sites known as Site #1, Site #2 and Site #3; WHEREAS, Developable Site #3 has been expanded to include a total of 682.8 acres by means of a boundary modification request in accordance with 24 CFR 598.425(b); WHEREAS, developable sites are exempt from poverty criteria pursuant to 24 CFR 598.115 (a), but are subject to the population requirements of 24 CFR 598.100 (a); WHEREAS, Developable Site #3, totaling 682.8 acres has zero population, 24 CFR 598.100(a) is not applicable; WHEREAS, pursuant to 26 U.S.C. § 1391(g)(3)(A)(iii), 24CFR 598.3 and 24 CFR 598.115(c), an urban Round II Empowerment Zone may have up to three noncontiguous parcels that maybe developed for commercial or industrial purposes, and that the total acreage of all three sites may not exceed a total of 2000 acres without regard to certain poverty rate requirements; WHEREAS, the Santa Ana Empowerment Zone has three noncontiguous developable sites and the total acres of all three developable sites, including the acres of the area of Developable Site #3, is 1,742 acres. Further, Site #3 is a commercial area containing an estimated 1,223 businesses that will have the opportunity to take advantage of the $11 billion tax incentive package available to EZ/RC businesses and has a zero population; WHEREAS, the Santa Ana Empowerment Corporation (SAEC) has affirmed that in February 2005, the Zone's governance board approved the expansion of Developable Site #3 where all governance board meetings are open to the public, and that the expansion has full community support. Further, this Developable Site #3 expansion is consistent with the HUD approved Santa Ana's Strategic Plan; WHEREAS, HUD has determined that the information furnished by the City of Santa Ana and the Santa Ana Empowerment Corporation Inc. is reasonably accurate and consistent with the forgoing findings; and A ~ ~. WHEREAS, HUD has, by letter dated `'~ ~" ~ "=' ,modified the designation of the Santa Ana, California Empowerment Zone by expanding its boundary to include the expanded area of the Developable Site #3.