(a) In accordance with Resolution No. 415 (authorizing the establishment of Community Reinvestment Areas) Community Reinvestment Area No. 1 is hereby established within the boundaries described on Exhibit “A” attached to Resolution 521 and incorporated herein.
(b) Council hereby finds that the area included within Community Reinvestment Area No. 1 is one in which housing facilities or commercial/industrial facilities are located and new facility construction and repair of existing facilities or structures is not presently occurring to its fullest potential. (Res. 521. Passed 6-14-93.)