ORD 1398 - Laserfiche WebLink

uses significantly contributing to the conditions of blight, whose inclusion is necessary to accomplish the objectives and benefits of the Redevelopment Plan. j. The elimination of blight and the redevelopment of the Project Area could not reasonably be expected to be accomplished by private enterprise acting alone without the aid and assistance of the Agency. This finding is based upon the existence of blighting influences, including the lack of adequate public improvements and facilities, and the inability of individual developers to economically remove these blighting influences without substantial public assistance in providing adequate public improvements and facilities, the inability of low- and moderate-income persons to finance needed improvements, and the inadequacy of other governmental programs and financing mechanisms to eliminate blight, including the provision of necessary pub- lic improvements and facilities. k. The effect of tax increment financing will not cause a significant finandial burden or detriment on any taxing agency deriving revenues from the Project Area. This finding is based on the following facts: (1) pursuant to Health and Safety Code Section 33676, any affected taxing agency may elect, and every school and community college district shall elect, to be allocated a portion of the tax revenues allocated to the Agency and attributable to tax rate increases imposed for the benefit of such taxing agency or assessed value increases calculated annually pursuant to subdivision (f) of Section 110.1 of the Revenue and Taxation Code; (2) tax increment revenue allocated to the Agency from the Project Area is a relatively small per- centage of each affected taxing agency's total property tax revenue; and (3) the Agency will make payments to affected taxing agencies which are necessary and appropriate to alleviate any financial burden or detriment caused to such taxing agencies by the Project. -9-