090704 Jt PH Adotpion Amend Merger SA Redvlp Proj Areas EXHIBIT 2

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III. PROPOSED PROJECTS AND PROGRAMS In the past, the Agency has implemented separate programs in each of the six redevelopment Project Areas. The Agency's existing Five -Year Implementation Plan includes all of the six Project Areas within this single document and outlines the project and programs for each of the six Project Areas. With the proposed Merger, the Agency intends to consolidate the individual projects and programs for each of the six Project Areas into one set of projects and programs for the Merged Project Area that will be funded from the combined tax increment from the Merged Project Area. The Agency is not adding any new projects and programs and the existing Five -Year Implementation Plan will continue to be the implementation plan for the Merged Project Area. How and which programs are implemented within the Merged Project Area depends on the needs and objectives of the Merged Project Area and will be determined by the Agency consistent with the Five -Year Implementation Plan. Due to the lengthy timeframe for implementing the Redevelopment Plans, the redevelopment program needs to be flexible and provide the capability to respond to changes and private sector interest in the Merged Project Area. The strategy to attain the goals and objectives is to use public investment to attract and stimulate private investment. The Agency uses legal agreements to form public - private partnerships leading to development of industrial sites, commercial centers, office buildings, and housing. The following description of proposed projects and programs is presented for the Merged Project Area. As stated above, the Agency will continue to address the needs within the Merged Project Area as described in the Five -Year Implementation Plan. However, the Agency will approach community redevelopment from the perspective of how best to achieve the redevelopment objectives from a citywide basis. Based upon the Agency's Five -Year Implementation Plan (January 1, 2000 - December 31, 2005), the proposed redevelopment program for the Merged Project Area includes four (4) programs, as follows: 1) Economic /Community Development; 2) Public Facility Improvements; 3) Infrastructure Improvements; and 4) Housing. Within Section IV of this Report (financial feasibility analysis), the above listed programs are identified within the cash flow analysis as discretionary funds since exact future allocation of Agency revenues for each of the redevelopment programs beyond the current Five -Year Implementation Plan period cannot be determined. The Agency will allocate the necessary funds for each program as needed over the remaining life of the Redevelopment Plans to address each Project Area's conditions, which will include responding to private sector interests. The programs are designed to address the most significant blighting conditions in the proposed Merged Project Area. It is believed that as the most significant blighting conditions are reduced that further private sector investment will occur in the proposed Merged Project Area leading to further removal of blight. Therefore, the Agency's program of redevelopment will serve as a catalyst to remove blighting conditions and spur the preservation, improvement, creation and maintenance of affordable housing. Page 18 of 190 Report to the City Council for the Merger of the Keyser Marston Associates, Inc. Santa Ana Redevelopment Projects Page 13 PA0403012.5 NTA:CK:gbd 19090.003.004/06 /28/04 T