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55C-MERGER S.A. REDEV PROJ AREA
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03/15/2004
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55C-MERGER S.A. REDEV PROJ AREA
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Last modified
1/3/2012 5:03:08 PM
Creation date
3/19/2004 12:08:11 PM
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City Clerk
Doc Type
Agenda Packet
Item #
55C
Date
3/15/2004
Destruction Year
2009
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<br />repayments of monies lent by the Agency and loans from other allowable financing sources <br />noted above. <br /> <br />Net Tax Increment <br />Housing Set AsIde <br />Miscellaneous Revenue <br />Loans <br />Total Resources <br /> <br />$845,082,000 <br />579,692,000 <br />872,000 <br />32.275.000 <br />$1.457,921,000 <br /> <br />1. <br /> <br />Tax Increment Revenues <br /> <br />Table 7 represents the combined summary of tax Incremeni revanues that have been <br />projected for the Merged Project Area. TheprojectJons of the Incremental taxable values <br />and resulting tax Increment revenues for each of the respective redevelopment project <br />areas are shown In Tsbles 7a - 7f, Raported assessed values for each project area <br />provide the basis for the respective tax Increment projections (values es reported by the <br />Orange County Auditor-Controller for FY 2oo3-04), FUllÌre tax increment revenues are <br />based upon assumed Increases In the annual Incremental assessed vsluation resulting <br />from a real property 4% annuallnflallonary Increase allowable under Article XlIIA of the <br />Callfomia Constitution, ' <br /> <br />The gross tax Increment revenues projected for the Merged Project Area aver the term of <br />the feasibility cash fiow projection amounts to $1,961,741,000, of which $579,692,000 <br />would be deposited Into the Low and Moderate Income Housing Fund, $39,235,000 would <br />be paid in County administrative charges, $447,173,000 would be paid to affected taxing <br />agencIes under current tax sharing agreements and $50,560,000 would be paid under <br />statutory pass through formulas to other taxing agencies IrfØgered es a result of the <br />elimination of the debt Incurrence time limits (per SB 211) of the South MaIn, North Harbor <br />snd South Harbor Project Areas. Net tax Increment revenues amount to $845,082,000, <br /> <br />2, <br /> <br />Houslna Set AsIde <br /> <br />The Agency Is snnually required to deposit 20 percent of gross tax increment revenues <br />generated by the Merged Project Area Into the Low and Moderate Income Housing Fund <br />for the purposes of Increasing, Improving and preserving thå community's supply of low and <br />moderate Income housing. Specific housing-related projects, programs and activities are <br />not delineated in by the Agency to fund such expenditures. The feasibility cash flow, but <br />assume that as housing set eslde funds beoome available they sre used. <br /> <br />3. <br /> <br />Miscellaneous Revenues <br /> <br />Existing miscellaneous revanues identIfIed In the Agency'lil FY 2004-05 and FY 2005-06 <br />budget project/on reflects loan repayments anticipated In the Central City, South Harbor <br />and South Main Project Areas, <br /> <br />Prellmlnlll}' Report for the Merger of the <br />Senta Ana Redevelopment Projects <br /> <br />1IõXII~IU".£ " <br /> <br />Keyser Marston Asaoàates, Ino. <br />Page 20 <br /> <br />-_.aNT- <br />",",.00,-", <br /> <br />55C-38 <br /> <br />'--'-""-""" -" <br />
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