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RESOLUTION 93-007 SUMIVLARY OF PROPOSED PAYMENT OF COST OF LAND, INSTALLATION, AND CONSTRUCTION OF PUBLICLY OVVNED BUILDINGS PURSUANT TO HEALTH AND SAFETY CODE SECTIONS 33445 AND 33679 '041 Section A ESTIMATE OF THE AMOUNT OF SUCH TAXES PROPOSED TO BE USED TO PaY FOP, SUCH LAND AND CONSTRUCTION OF ANY PUBLICLY OVVNED BUILDING, INCLUDING INTEREST PAYMENTS [Section 33679(a) of the Health and Safety Code] The buildings, facilities, structures or other improvements (collectively "EJigible Capital Improvementf') to be funded in whole or in part with tax instrument revenues as set forth in the Capital Facilities Agreement ("Agreement") between the Rancho Santiago Community College District ("District'~ and the Santa Ana Community Development ("Agency'S, are or will be owned and/or leased by the District. The District is the community college district authorized by the State of California to provide educational curriculum and facilities to the residents of the City of Santa Ana ("City'S. The District provides post-secondary educational curriculums; continuing adult education; non-credit, personal interest, and fee-supported classes; conferences and workshops; undergraduate general education courses; certified training programs and contract education to business and industry; high school diplomas; English-as-a-Second Language courses; older adult courses; and vocational testing, job training, and employment services; etc. The Eligible Capital Improvements as set forth in the Agreement will be partially funded through tax increment over the term of the South Harbor Boulevard/Fairview Avenue Redeve)opment Plan ("Redevelopment P~an" or "Plan'S. The amount of tax increment to be applied to the Capital Facilities is estimated to range from $31,500,000-$34,400,000 (+/-), assuming an assessed valuation average annual increase of 5.00% for secured valuations and 4.00% for unsecured valuations, or a present value range of $ I 0,000,000-$ I 1,000,000 (+/-), at a discount rate of 4.0%. In addition to the estimated tax increment proposed to be received by the District, the Agreement provides for an additional financial benefit of $9,000,000 to be applied to specifically identified facilities. The A~reement bas been structured to insure that the financial burden or detriment that would otherwise occur through the implementation of the Plan is adequately mitigated through the financial provisions and formulms of the Agreemenr~ The primary provisions of the Agreement are as follows; I) The Agency will set up a Special Fund to be administered by the Agency or a third party non-profit corporation, in the sole discretion of the District, to be specifically utilized to finance Eligible Capital Improvements as set forth in the Agreement. A-I