80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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Chapter 4 Statement of OverrIdIng ConsIderations housing, to nhomes and rov.1, louses in furtherance f the provisions of the Mousing Element and the Transit Zoning Code. 1. The Transit Zoning Code provides for la ni g and Zoning f'iainewor fl r for the r d yr lops ent of the Agency-owned properties, thereb y fftrninadng blight and providing for new property tax generation. The Age -prop rties are, for the most part, vacant land in the wwnc ship of a public agcncy and, as such, do not currently generate any property tax revenue. The Proposed %rM allo �r for the redevelopment of these properties and their return to eeono -ie use. 'The adoption of the Transit Zoning Code also allo ys for the future development of other vacant and underutilized properties currently in pri-vate or public ownersl-iip in other parts of the project area. One such example is the current County of Orange Operations Yard. The Operations Yard eomptises approximately 9. 5 acres of underubliozed land as the County of range continues to consolidate their fleet and maintenance operations in other facilities. Adoption of the Transit Zoning Code p .io ides for the zoning f`•atx e o .; and env t tr e tai a ai si essary to all -wr these properties to transition into more eo ieall y produetivc uses and to potentiall y generate new property and sales tax revenues. Many areas xxithin the Transit Zoning Code suffer from a lack of ti -iodern infrastructure and are in need of nexv street and sidewralk i m roverne t . The additional tax revenues generated by new development rit in the Transit Zo i g Code area NdU allow for reinvestment in public infrastructure and r i rest e t that % gill stimulate the economy of this area. m. The Proposed Project furthers the Project Objectives set forth above, incorporated in fuU by this reference. 4-8 Transit Zon 1n Code (SD 4 ) E R A nd ings of Fact/State rent of verrid! ng Considerations