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<br />maximum time limits prescribed by AS 1290 as amended by a summary ordinance in
<br />accordance with AS 1342. The fourth amendment adopted on January 20, 2004, by
<br />Ordinance No. NS-2641 extended the time limit to incur debt to coincide with the plan
<br />effectiveness date of July 6,2022. The proposed Merger will be the fifth amendment to
<br />the North Harbor Redevelopment Plan.
<br />
<br />South Harbor Redevelopment Project
<br />
<br />The South Harbor Redevelopment Project was adopted on July 6, 1982, by Ordinance
<br />No. NS-1638. On August 3, 1992, by Ordinance No. NS-2167, the South Harbor
<br />Redevelopment Plan was amended to: 1) extend the Agency's eminent domain authority
<br />within the project area by 12 years until August 3, 2004; 2) modify certain land use
<br />provisions; 3) increase the tax increment limit to $2,600,000,000; 4) increase the bonded
<br />indebtedness limit to $1,000,000,000; 5) increase the time limit to incur debt from 25 to
<br />30 years until August 3,2022; and 6) increase the plan effectiveness of the South
<br />Harbor Redevelopment Plan from 30 to 40 years until August 3, 2032. On October 3,
<br />1994, the plan was amended a second time by Ordinance No. NS-2234 to reduce
<br />certain time limits in accordance with AS 1290, including the time limit on incurring debt
<br />(January 1,2004), the time limit on plan effectiveness (July 6,2012), and the time limit
<br />on receipt of tax increment/repayment of debt (July 6, 2022). On August 2, 1999, the
<br />third amendment adopted by Ordinance No. NS-2396 extended the time limit on plan
<br />effectiveness by 10 years to July 6, 2022, and the limit on receipt of tax increment by 10
<br />years to July 6, 2032, to coincide with the maximum time limits prescribed by AS 1290
<br />as amended by a summary ordinance in accordance with AS 1342. The fourth
<br />amendment adopted on January 20, 2004, by Ordinance No. NS-2641 extended the
<br />time limit for incurring debt to coincide with the plan effectiveness limit of July 6, 2022.
<br />The proposed Merger will be the fifth amendment to the South Harbor Redevelopment
<br />Plan.
<br />
<br />South Main Redevelopment Project
<br />
<br />The South Main Redevelopment Project was adopted on July 6, 1982, by Ordinance No.
<br />NS-1639. On October 3, 1994, in accordance with AS 1290, the South Main
<br />Redevelopment Plan was amended by Ordinance No. NS-2234 to establish certain time
<br />limits including a time limit on incurring debt of January 1, 2004; a time limit on plan
<br />effectiveness of July 6, 2012; and a limit on receipt of tax increment/repayment of debt of
<br />July 6, 2022. On July 17,1995, the redevelopment plan was amended a second time by
<br />Ordinance No. NS-2256 to increase the tax increment ($2,000,000,000) and bond debt
<br />($600,000,000) limits, establish eminent domain authority for 12 years (July 17, 2007),
<br />and add projects to the redevelopment plans capital improvements list. The third
<br />amendment adopted on August 2, 1999, by Ordinance No. NS-2396 extended the time
<br />limit on plan effectiveness by 10 years to July 6, 2022, and the limit on receipt of tax by
<br />10 years to July 6, 2032, to coincide with the maximum time limits prescribed by AS
<br />1290 as amended by a summary ordinance in accordance with AS 1342. The fourth
<br />
<br />Report to the City Council for the Merger of the Page 12 of 190 Keyser Marston Associates, Inc.
<br />Santa Ana Redevelopment Projects Page 7
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<br />PA0403012.SNT A:CK:gbd
<br />19090.003.004106128104
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<br />75D-22
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