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Amenity - An aspect of a property that enhances its value. Examples, off-street reserved parking within a <br />condominium community, the nearness of good public transportation, tennis courts or a swimming pool. <br />Area Median Income (AMI)-The median income for a geographic area such as a county that may be established by <br />the U.S. Department of Housing and Urban Development (HUD) or the State of California. AMI tables commonly <br />provide income numbers for households from one to eight persons. <br />Assessed Value - The amount used by the county tax assessor to value real property for tax purposes. Assessed <br />value multiplied by the tax rate determines property tax. <br />At-Risk Units - In general, any affordable unit that may convert to market rate because the affordability <br />restrictions are about to expire, the owner can opt-out of the Section 8 program, or the owner can prepay a <br />federal mortgage. <br />Base Year - The year in which the redevelopment plan is adopted. <br />Base Year Assessed Value, Base Value or Frozen Base -The total assessed value of property within a project area <br />in the year in which the redevelopment plan is adopted. <br />Blight - Current definitions of blight identify both physical and economic blighting conditions. <br />Physical <br />Buildings that are unsafe or unhealthy for persons to live or work in <br />Conditions such as substandard design or construction that hinder the utility of buildings <br />Adjacent or nearby incompatible uses that prevent development <br />Subdivided lots of irregular shapes or inadequate size and in multiple ownership <br />Economic <br />Depreciated or stagnant property values, or property values impaired by the presence of hazardous waste <br />High business vacancy or abandonment rates, abnormally low lease rates <br />Absence of necessary, neighborhood oriented commercial facilities such as grocery stores and banks <br />Serious residential overcrowding <br />An excess of bars, liquor stores or adult-oriented businesses <br />Bond - An interest bearing promise (bond) to pay a specified sum of money, the principal amount due on a specific <br />date. Funds raised through the sale of bonds can be used for various public purposes, such as housing. <br />California Community Redevelopment Law - Redevelopment law contained in California Health and Safety Code, <br />Division 24, Part 1(Section 33000 et seq.). <br />CEQA - California Environmental Quality Act. Requires the assessment of projects for environmental impacts and <br />establishes procedures for preparing and processing environmental documents. <br />Condominium - A form of ownership of real property in which the purchaser receives title to a particular unit and a <br />proportionate interest in certain common areas. Each unit is a separately owned space to the interior surfaces of <br />the perimeter walls, floors and ceilings. Title to the common areas is in terms of percentages and refers to the <br />entire project less the separately owned units. <br />Santa Ana C sty. Redevelopment Agency Implementation Plan July 1, 2010 to, 71i, 2015 <br />For the Mer, :a Ana Redevelopment ProjectMB_65 x B--3