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said fund either inside or outside the project <br />area. <br />The interest earned by the low- and mod- <br />erate -income housing fund shall accrue to <br />the fund and may only be used for those <br />purposes for which the fund has been estab- <br />lished. <br />The provisions of this section of the plan <br />apply only to Areas 2, 3, 4 and 5 of the pro- <br />ject area, except that the agency shall com- <br />ply with those provisions of the Community <br />Redevelopment Law requiring the agency to <br />compute the amount of such funds that oth- <br />erwise would have been generated in Area 1 <br />of the project area and to allocate and ex- <br />pend such funds at the time and in the man- <br />ner prescribed in the law. (Plaza 2 redev. <br />plan § 11(D), 1988) <br />Chapter 1.40 <br />OWNER AND BUSINESS TENANT <br />PARTICIPATION <br />Sections: <br />1.40.010 <br />General. <br />1.40.020 <br />Rules and regulations <br />governing owner <br />participation. <br />1.40.030 <br />Owner participation <br />agreements. <br />1.40.040 Standards. <br />1.40.050 Alternate provisions on <br />failure of owner to <br />participate. <br />1.40.010 General. <br />A. The agency shall extend reasonable <br />preferences to persons who own property or <br />are engaged in business in the project area, <br />to continue in or re-enter business within the <br />(San Leandro Redevelopment Agency Supp. No. 2, 12-05) 48 <br />project area, if they meet the requirements <br />prescribed in this plan and the agency's <br />rules and procedures for such participation. <br />B. The improvement of existing build- <br />ings and sites by their owners is one of the <br />primary objectives of this plan. In order to <br />achieve this objective, and in order to pro- <br />tect the investments of property owners who <br />undertake new construction work or sub- <br />stantial remodeling and rehabilitation work, <br />a uniform and equitable owner participation <br />program is necessary. Property owners will <br />be given the opportunity to participate by <br />coordinating new construction, remodeling, <br />rehabilitation and site improvement work <br />with the execution of a new lease or lease <br />renewal. The plan includes a positive ap- <br />proach to insure that new construction, re- <br />modeling rehabilitation and site improve- <br />ment work is carried out properly and <br />promptly throughout the project area. <br />C. Participation opportunities shall nec- <br />essarily be subject to and limited by such <br />factors as the need for expansion of public <br />facilities; elimination and/or modification of <br />land uses; realignment and vacation of <br />streets; the ability of participants to finance <br />acquisition and development in accordance <br />with the plan; reduction of the total number <br />of or change in the sizes of individual par- <br />cels in the project area; change in orientation <br />and character of the area, or portion of the <br />area; and preservation of existing buildings <br />which have historical and/or architectural <br />qualities that will enhance the project area. <br />D. The extent to which participation <br />opportunities are feasible and afforded to <br />property owners in the project area shall be <br />at the sole discretion of the redevelopment <br />agency. <br />E. All of the provisions of this section <br />are subject to the following provisions con - <br />