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63Z RESOLUTION 95-024 II. DESCRIPTION OF THE ~PPROVED PROJECT The proposed South Main Street Redevelopment Plan Amendment encompasses approximately 1,485 acres and is located in the central southern section of the City of Santa Aha. The adopted Plan Amendment will allow the Agency to incur loans, advances or indebtedness to finance in whole or in part projects up to 30 years from the date of adoption. The Plan duration is 40 years from the day of adoption. However, new debt cannot be incurred in the last 10 years of the life of the Plan. The loans, advances or indebtedness may be repaid over a period of time beyond the 40 year duration. The debt limit of the Plan cannot exceed a cumulative total of $2.2 billion plus annual adjqstments in accordance with the Consumer Price Index (CPI) and any payments to taxing agencies to alleviate financial burden and funds to be deposited in a Low and Moderate Income Housing Fund. The Plan allows eminent domain proceedings to be used to acquire property within the Project Area to commence up to twelve (12) years following the date of adoption of the ordinance approving and adop- ting the proposed Plan Amendment. Additional public work improvement projects have also been added to the Plan. The projects include projects from the existing Redevelopment Plan that have not been completed as well as new projects. The projects listed in the Plan are projects the Agency may assist the City of Santa Ana with financially in order for the projects to be constructed. The Agency is not required to provide financial assistance towards the construction of these projects because they are listed in the Plan. The Agency may assist the City financially with the construction of these projects shouldthe Agency receive adequate tax revenues and want to assist the City in financing the construction of the projects. The Agency will participate in the construction of projects in order to assist the City in alleviating blighted conditions throughout the Project Area. Most of the projects are public work projects that would be funded either totally or in part by the Agency. The Agency may also assist the private sector with either new construction or rehabilitation of existing structures. All private development conducted within the Project Area would be processed through the City as would any private project in the City, independently of the Agency or the Redevelopment Plan. All future development within the Project Area will occur in compliance with and as guided by the City's General Plan. The City's existing land use map with designated floor area ratios (FAR's) will determine the future density of all development within the Project Area. The adopted Plan Amendment for the South Main Street Redevelopment Project Area will not change any existing City land use or zoning designations within the Project Area.