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08/27/14 SRC <br />RESOLUTION NO. 2014 -XXX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />INSUPPORT OF ASSEMBLY BILL 1999 (ATKINS), THE CALIFORNIA <br />ECONOMIC DEVELOPMENT AND HISTORIC PRESERVATION TAX <br />CREDIT ACT <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />WHEREAS, the California Economic Development and Historic <br />Preservation Tax Credit Act, Assembly Bill 1999 (Atkins), would establish an <br />incentive for economic development through the rehabilitation of historic <br />buildings, and <br />WHEREAS, currently, the 20% Federal Historic Preservation Tax <br />Incentives program, available to California's income - producing historic <br />properties, has generated nearly $1.5 billion dollars in investment during the last <br />10 years; and <br />WHEREAS, the Assembly Bill would provide a state income tax credit <br />equal to 25% of approved expenses on rehabilitation of structures listed in the <br />National Register of Historic Places or the California Register of Historical <br />Resources, both income - producing and non - income producing buildings, which <br />could be used together with the 20% federal credit or separately, depending on <br />the project and specific regulations, along with a 5% additional credit that would <br />apply for projects containing a majority of low- income housing units, involving <br />surplus government properties, or located in economically distressed areas, <br />Base Realignment and Closure Act zones or Transit - Oriented Development <br />areas; and <br />WHEREAS, the projects will stimulate public and private investment, <br />rehabilitation expenditures must meet specific criteria, to be screened by the <br />California Governor's Office of Business and Economic Development ( "Go Biz ") <br />to demonstrate return on investment to the state; and <br />WHEREAS, the Assembly Bill will incentivize economic development and <br />create construction and building industry jobs, enhance state tax revenues <br />through economic activity, increase local revenues through increased property <br />values, sales tax, and heritage tourism, stimulate the economy and sustainable <br />development, and preserve the rich heritage of California communities; and <br />WHEREAS, the Assembly Bill could be combined with other tax credits <br />and incentives to leverage additional funding, including federal tax incentives and <br />Resolution No. 2014 -XXX <br />55C -3 <br />