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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 2004-05 and FY 2005-06. Subsequent year administrative costs are projected to increase by an assumed 3% cost of living 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 Obliqations The Agency annually budgets for various existing contractual obligations unique to specific project areas as well as those of the Agency as a whole. The pre-existing contractual obligations identified in the Agency's FY 2004-05 and FY 2005-06 budget projection are detailed on Table 5. 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 General Fund. The 20% commercial corridor settlement set-aside from the South Main tax increment revenue is also incorporated here. The contractual obligations are assumed to continue over the effective life of the respective Project Areas. 6. Budaeted Proiects Existing budgeted capital improvement projects identified in the Agency's FY 2004-05 and FY 2005-06 budget projection reflects various anticipated capital improvements in the South Main commercial corridor of the South Main Project Area. Specific subsequent year project costs were not identified by Agency staff and are not assumed in the cash flow projection. 7. Affordable Housinq The Agency is annually required to deposit 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 delineated in this projection, but assume that as housing set aside funds become available they are used by the Agency to fund such expenditures. The set aside requirements of the respective Project Areas are as follows: Central City I nter City North Harbor South Harbor South Main Bristol Corridor 0% 30% 30% 60% 20% 30% Page 23 of 190 Report to the City Council for the Merger of the Santa Ana Redevelopment Projects Keyser Marston Associates, Inc. Page 18 PA0403012.SNT A:CK:gbd 19090.003.004106128104 75D-33