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4. Administration The projected cost to administer the redevelopment program over the life of the Merged Project Area is based on the Agency's estimate of $4,362,000 for both FY 2004"()5 and FY 2005-06. Subsequent year administrative costs are projected to Increase by an assumed 3% cost of IMng factor over the term of the projection. The administrative expenditures are assumed to continue over the effective life of the respective Project Areas. 5. Contractual Obllaetlons The Agency annually budgets for various existing contractual obligations unique to specific project araas as well as thosè of the Agency as a whole. The pre-exlsting contractual obligations Identified in the Agency's FY 2004..Q5 and FY 2005-06 budget projection are detailed on Table 6. These annual obligations Include trustee fees, economic development obligations. debt service on certificates of participation, debt repayments related to site-specIfIc projects and to the City Genaral Fund. The 20% commercial corridor settlement set-aside from the South Main tax Increment revenue is slso Incorporsted here. The contractual obligations are assumad to continue over the effective life of the respective Project Areas, 6. Budaeted Proiects Existing budgeted oapitallmprovement projects Identified in the Agency's FY 2004..Q5 and FY 2005-06 budget projection reflects various anticipated oapitallmprovemants In the South Main commercial corridor of the South Main Project Area. Specific subsequent year project costs were not Identified by Agency steff and are not assumed in the cash flow projection. 7. Affordable Housino The Agency Is annually required, to deposn 20 percent of gross tax Increment revenues Into the Low and Moderate Income Housing Fund for the purposes of Increasing, Improving and preserving the community's supply of low and moderate Income housing. Specific housing projects, programs and activities have not been delineeted In this projection, but assume that as housing set aside funds become available thayare used by the Agency to fund such expenditures. The set aside requirements of the respective Project Areas are as follows: Central City Inter City North Harbor South Harbor South Main Bristol Corridor 0% 30% 30% 60% 20% 30% Preliminary Report for the Merger of the Santa Ana Redevelopment Projects '.AI....."."': '" Keyser M8I8!on Aseoclates, Inc. Page 18 '_00<_""""" ,~'" 55C-36