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CRA RESOLUTION NO. 2010-005 <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE AND SALE <br />OF TAX ALLOCATION BONDS TO FINANCE AND REFINANCE <br />REDEVELOPMENT ACTIVITIES WITHIN OR FOR THE BENEFIT OF <br />THE AGENCY'S MERGED PROJECT AREA AND APPROVING <br />RELATED DOCUMENTS AND ACTIONS <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA, AS FOLLOWS: <br />Section 1. The Board of the Community Redevelopment Agency of the City of <br />Santa Ana hereby finds, determines and declares as follows: <br />A. the Agency is a public body, corporate and politic, duly established <br />and authorized to transact business and exercise powers under <br />and pursuant to the provisions of the Community Redevelopment <br />Law of the State of California, constituting Part 1 of Division 24 of <br />the California Health and Safety Code (the "Law"), including the <br />power to issue 2010 Bonds for any of its corporate purposes; <br />B. the Agency adopted six redevelopment project areas between <br />1973 and 1989, including the Central City Redevelopment Project <br />Area, the Inter City Commuter Station Redevelopment Project <br />Area, the North Harbor Boulevard Redevelopment Project Area, <br />the South Harbor Boulevard/Fairview Street Redevelopment <br />Project Area, the South Main Street Redevelopment Project Area, <br />and the Bristol Corridor Redevelopment Project Area (the <br />"constituent Redevelopment Projects" or "Redevelopment <br />Projects"), <br />C. to allow tax increment revenues to be shared between <br />Redevelopment Projects and thereby facilitate redevelopment of <br />the Redevelopment Projects, the Redevelopment Projects were <br />merged in 2004 in compliance with all requirements of the Law, <br />creating the Merged Project Area; <br />D. the Redevelopment Projects continue to retain their respective <br />boundaries, time, and financial limits; <br />E. the Agency has determined that, due to financial conditions of the <br />Agency and prevailing financial market conditions, it is in the best <br />interests of the Agency at this time to finance and refinance <br />Redevelopment activities for the benefit of the Redevelopment <br />Projects and, in particular, to: <br />Resolution No. CRA 2010-005 <br />Page 1 of 7