75D - MERGER S.A. REDEVELOPMENT - Laserfiche WebLink

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Five-Year Implementation Plan Amended February 2003 Page 30 VI. T.4Y TNCRFMFNT ~FT-.4~TnFC: In addition to passing through a portion of tax increment monies to special districts, the five newer project areas are required to contribute a portion of each year's tax increment revenue to low- and moderate-income housing as follows: Inter-City-- 30%, North Harbor--300ÆJ, South Harbor--60%, South Mainø-20°Æ», and Bristol--300/0. In late 1985, the State legislature adopted AS 265 (Chapter 1135 of the Statutes of 1985) which extended the 20% housing set-aside requirement to redevelopment project areas adopted prior to 1977, beginning with the tax increment generated in Fiscal Year 1985/86. This provision would apply to the Central City Project Area, except that the legislation allowed an exemption if a substantial effort to meet the low- and moderate-income housing needs is made by other sources. As the annual housing set-aside appropriated from the fIVe other project areas exceeds 200/0 of the tax increment generated by the six project areas, the Agency qualifies under this exception. Legislation adopted in 1991 adding Section 33334.3(i) of the Health and Safety Code now authorizes the Agency to continue to meet the set-aside requirements of Community Redevelopment law by annually allocating more than 20% of the tax increment revenue received by all six project areas to the housing set-aside funds. The Agency will continue to do this using the percentage allocation formula stated above. In the South Main Project Area, an additional 20% of tax increment revenues is set aside for capital improvements and commercial rehabilitation along the South Main corridor between First Street and Warner Avenue. . The following table summarizes the Agency's anticipated revenue and expenditure plan for the five-year period of 2000-2005. Page 99 of 190 75D-109