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REASONS FOR AMENDING THE REDEVELOPMENT PLANS <br />The Agency is proposing to amend the Redevelopment Plans to merge the existing Project <br />Areas, Section 33485 et seq. of the CRL allows for merger of redevelopment project areas as a <br />matter of public policy if they will result in substantial benefit to the public, and if they contribute <br />to the revitalization of the Project Areas through the increased economic vitality of such areas <br />and through increased and improved housing opportunities in or near such areas. The CRL <br />also provides that redevelopment project areas, under the jurisdiction of a redevelopment <br />agency, may be merged without regard to contiguity of the areas, by the amendment of each <br />affected redevelopment plan. Furthermore, taxes attributable to each project area merged that <br />are allocated to the redevelopment agency may be allocated to the entire merged project area <br />for the purpose of paying the principal of, and interest on, indebtedness incurred by the <br />redevelopment agency to finance or refinance, in whole or in part, the merged redevelopment <br />project. <br />The proposed Merger of the Project Areas is a technical amendment that will allow the Agency <br />to combine revenues from the six separate Project Areas, The Merger will also allow the <br />Agency to prioritize spending of available tax increment revenue in order to maximize efficiency <br />in the implementation of the Agency's redevelopment program. The Agency's redevelopment <br />program will continue to be those activities identified in its five -year Implementation Plan <br />(currently 2000 - 2005). The proposed Merger will have a substantial benefit to the public by <br />allowing the Agency to efficiently implement its redevelopment program, which is targeted at <br />revitalizing blighted areas and increasing the economic vitality of such areas. In addition, the <br />Agency will continue to implement its affordable housing program, which currently exceeds the <br />CRL's requirements for affordable housing unit production. The proposed Merger will not allow <br />the Agency to collect any additional tax increment beyond the limits identified in the <br />Redevelopment Plans. No increase in any financial limit or extension of any time limit is <br />proposed as part of the Amendments. <br />Page 17 of 190 <br />Report to the City Council for the Merger of the Keyser Marston Associates, Inc. <br />Santa Ana Redevelopment Projects Page 12 <br />PA0403012.3NTA:CK:ebd <br />19090.003.00NO0D0IOd <br />