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<br />. . <br /> <br />. .' <br />, . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 87- <br />PAGE TWO <br /> <br />(a) The Agency is making a substantial effort <br />to meet the low and moderate income housing needs in the City <br />of Santa Ana in fiscal year 1987-88. As part of this effort, <br />the Agency is allocating to its "Low and Moderate Income <br />Housing Fund" more than the legally required proportion (20%) <br />of the tax increment revenues derived from three of its <br />redevelopment project areas, to wit: The "Santa Ana Inter-City <br />Commuter Station" project area, the "Santa Ana North Harbor <br />Boulevard" project area, the "Santa Ana South Harbor <br />Boulevard" project area and the "Santa Ana South Main Street" <br />project area (hereinafter referred to collectively as the <br />"other project areas"). <br /> <br />(b) <br /> <br />In fiscal year 1987-88: <br /> <br />(1) Tax increment revenues from the "Central <br />City" project area are projected to be $4,842,000.00. <br />Twenty percent of said tax increment revenue total is <br />$968,400.00. <br /> <br />(2) Total tax increment revenues from the <br />other project areas are projected to be $11,972,345.00. <br />The proportion of said tax increment revenues which is <br />legally required to be allocated to the "Low and Moderate <br />Income Housing Fund" (20%) is $2,394,469.00. The amount of <br />said revenues which will actually be allocated to the <br />"Low and Moderate Income Housing Fund" is projected to <br />be $4,337,805,00, an excess of $1,943,336,00 over the <br />legally required proportion (the "excess allocation"). <br /> <br />(3) The excess allocation of tax increment <br />revenues from the other project areas will be greater <br />than 20 percent of the tax increment revenues of the <br />"Central City" project area, Therefore, the effort of the <br />Agency to meet the low and moderate income housing needs <br />of the City of Santa Ana from revenue sources other than <br />tax increment revenue from the "Central City" project area <br />is more than equivalent in impact to the funds that would <br />otherwise be required to be allocated from the "Central <br />City" project area tax increment revenues. <br /> <br />2, The Executive Director is directed to send a copy of <br />this resolution, together with the factual information supporting <br />