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RESOLUTION 93-007 <br /> <br />The Agreement provides addition terms and conditions to insure valid and legal <br />implementation of the relationship between the District and the Agency. <br /> <br />These provisions provide a cash flow of revenue to the District which will enable the <br />expenditure of estimated t~xes to be generally used as follows in order to attain the intent and <br />purpose of the Agreement: <br /> <br />COST CATEGORY <br /> <br />ESTIMATED <br />TOTAL <br />I~XPENDITURES <br /> <br />ESTIMATED <br />ANNUAL AVG. <br />EXPENDITURES <br />40 YEAR <br /> <br />LAND ACQUISITION/LEASE EXPENDITURES 10.00% <br />NEW CONSTRUCTION EXPENDITURES 50.00% <br />RECONSTRUCTION EXPENDITURES 10.00% <br /> <br />SUB*TOTAL ESTIMATE (+\-) <br /> <br />$ 3,440,000 $ 86,000 <br />$17,200,000 $ 430,000 <br />~__3.440,00_g0 ~ 86,000 <br /> <br />SUB-TOTAL ESTIMATE(+\-) <br /> <br />70.00% $24,080,000 $ 602,000 <br /> <br />DIRECT/INDIRECT PRE- AND <br />POST-DEVELOPMENT EXPENDITURES 10.50% <br />ADMINISTRATION/MANAGEMENT OF <br />AUTHORIZED PROJECTS 8.70% <br />INDIRECT EXPENDITURES OF <br />AUTHORIZED PROJECTS 4.35% <br />SPECIAL FUND ADMINtSTRATtON <br />EXPENDITURES 6.45% <br /> <br /> 30,00% <br /> <br />3,612,000 $ 90,300 <br />2.991,304 $ 74,783 <br />1,495,652 $ 37,391 <br />2,221,043 $ 55,526 <br />$10,319,999 $ 258,000 <br /> <br />TOTAL ESTIMATED <br /> EXPENDITURES(+\-) <br /> <br />100.00% ,,.,.,.,.,.,.,.,.,.~ 5 , 3 9 9 . 9 9 9 ~ <br /> <br />The distribution and expenditure of taxes pursuant to the various categories as set forth <br />above may be modified during the term of the Agreement, pursuant to the terms and <br />conditions of the Agreement and based upon the conditions that may exist in the <br />community and the District at the time of said expenditures, and the need to incur such <br />expenditures. The above is not intended to limit the distribution and allocation of <br />revenues. <br /> <br />Although the Amended Redevelopment Plan provides a term of 40 years following its <br />adoption, the distribution and allocation of tax increment to the District does not begin <br />until the Agency receives $109,875,000 in tax increment from the Project Area. It is <br />projected that the Agency will reach this limit in Fiscal Year 2003-2004 or approximately <br />twelve (12) years following the adoption of the Amended Plan which occurred in Fiscal <br />Year 1992~1993. The Agency may reach this limit earlier or later depending on the rate <br />of growth in assessed valuation in the Project Area. In addition, if the Agency incurs debt <br /> <br />A-3 <br /> <br /> <br />