HomeMy WebLinkAbout1994-03 CRA
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RESOLUTION NO. 94-3
A RESOLUTION OF THE COMMUNITY REDE-
VELOPMENT AGENCY OF THE CITY OF
SANTA ANA MAKING CERTAIN FINDINGS
PURSUANT TO SECTION 33334.2 OF THE
COMMUNITY REDEVELOPMENT LAW FOR
FISCAL YEAR 1994-95.
WHEREAS, section 33334.6 was added to the Community
Redevelopment Law (Health and Safety Code sections 33000 et seq.)
by Chapter 1135 of the Statutes of 1985 of the State of California
(Assembly Bill No. 265); and
WHEREAS, said section 33334.6 has the effect of requir-
ing, subject to certain exceptions, that the Community Redevelop-
ment Agency of the city of Santa Ana (the "Agency") deposit at
least twenty percent of the tax increment revenues from its
original ("Central City") redevelopment project area (as estab-
lished by the Santa Ana Redevelopment Plan as amended by Ordinance
No. NS-1258 on June 2, 1975) into said Agency's "Low and Moderate
Income Housing Fund"; and
WHEREAS, among the exceptions to said requirement is the
exception set forth in paragraph (3) of subdivision (a) of section
33334.2 of the Community Redevelopment Law, to the effect that the
Agency may, in lieu of providing such deposit into the "Low and
Moderate Income Housing Fund" from its tax increment revenue from
the "Central City" project area, provide an equivalent deposit of
funds derived from other sources; and
WHEREAS, the City of Santa Ana has created five redevel-
opment project areas in addition to the "Central city" redevelop-
ment project area, and the Agency has, in three of these additional
project areas, allocated tax increment revenues well in excess of
the twenty percent minimum allocation to its "Low and Moderate
Income Housing Fund"; and
WHEREAS, the total of such excess allocations exceeds
twenty percent of the tax increment revenues derived from the
"Central City" project area for fiscal year 1994-95; and
WHEREAS, the Agency has entered into contractual
obligations to bondholders prior to 1991 with regard to the
"Central city" project area in reliance on the ability of the
Agency to provide deposits into the "Low and Moderate Income Fund"
equivalent to twenty percent of the tax increment revenue from that
project area from other sources, which obligations would be
impaired if the Agency were not able to do so;
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NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVEL-
OPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. Pursuant to paragraph (3) of subdivision (a) of section
33334.2 of the Community Redevelopment Law, the Community Redevel-
opment Agency of the city of Santa Ana hereby finds and determines
as follows:
(a) The city of Santa Ana is making a substantial effort
to meet its existing and projected housing needs, including its
share of regional housing needs, with respect to persons and
families of low and moderate income, particularly very low income
households, as identified in the housing element of the city of
Santa Ana's general plan, and this effort, consisting of direct
financial contributions of local funds used to increase and improve
the supply of housing affordable to persons of low or moderate
income and very low income households, is equivalent in impact to
the funds otherwise required to be set aside from the "Central
City" project area by section 33334.2 of the community Redevelop-
ment Law.
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(b) The above said effort consists of the allocation to
the "Low and Moderate Income Housing Fund" of the Agency of more
than the legally required proportion (twenty percent) of the tax
increment revenues from three redevelopment project areas, to wit:
the "Santa Ana Inter-city Commuter station" project area, the
"Santa Ana North Harbor Boulevard" project area, and the "Santa Ana
South Harbor Boulevard" project area (hereinafter referred to
collectively as the "other project areas"). In fiscal year
1994-95:
(1) Tax increment revenues from the "Central city"
project area are projected to be $8,790,000. Twenty percent of
said tax increment revenue total is $1,758,000.
(2) Total tax increment revenues from the other
project areas are projected to be $19,931,320. The portion of said
tax increment revenues which is legally required to be allocated to
the "Low and Moderate Income Housing Fund" (twenty percent) is
$3,986,264. The amount of said revenues which will actually be
allocated to the "Low and Moderate Income Housing Fund" is
projected to be $6,421,725, an excess of $2,435,461 over the
legally required portion (the "excess allocation").
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(3) The excess allocation of tax increment revenues
from the other project areas will be greater than twenty percent of
the tax increment revenues of the "Central City" project area.
Therefore, the effort to meet the low and moderate income housing
needs of the city of Santa Ana from revenue sources other than tax
increment revenue from the "central city" project area is more than
equivalent in impact to the funds that would otherwise be required
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to be allocated from the "Central City" project area tax increment
revenues.
(c) The Agency issued its "$70,000,000, City of
Santa Ana Redevelopment Project, 1989 Series B Tax Allocation
Refunding Bonds," secured by the tax increment revenues the
"Central city" project area in reliance on the ability of the
Agency to provide deposits into the "Low and Moderate Income Fund"
equivalent to twenty percent of the tax increment revenue from that
project area from other sources, as shown by the Composite Official
Statement published for that bond issue and concurrent bond issues
for other redevelopment projects.
2. The Executive Director is directed to send a copy of this
resolution, together with the factual information supporting the
findings herein made, to the Department of Housing and community
Development of the State of California within ten (10) days after
the date of adoption of this resolution.
ADOPTED this ~h day of
following vote:
1994,
by the
August
AYES:
Members Lutz, McGuigan, Mills, Moreno, Pulido
Richardson, Young
NOES:
Members
ABSENT:
Members
ABSTENTIONS:
Members
ATTEST:
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Cy h1a J. elson, Executive
Director ~~~
APPROVED AS TO FORM:
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Edward. 00 er, Agency Legal Counsel
ab265.res