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<br />. <br /> <br />10) <br /> <br />The Agreement provides addition terms and conditions to insure valid and legal <br />implementation of the relationship betWeen the District and the Agency. <br /> <br />These provisions provide a cash flow of revenue to the District which will enable the <br />expenditure of estimated taXes to be generally used as follows in order to attain the intent and <br />purpose of the Agreement: <br /> <br /> ESTIMATED ESTIMATED <br /> TOTAL ANNUAL A VG. <br /> COST CATEGORY ~ EXPENDITURES EXPENDITURES <br /> 40 YEAR <br /> LAND ACaUISITIONILEASE EXPENDITURES 10.00% $ 3,440,000 $ 86,000 <br /> NEW CONSTRUCTION EXPENDITURES 50,00% $17,200,000 $ 430,000 <br /> RECONSTRUCTION EXPENDITURES 10.00% i 3 440 000 i 86,000 <br /> SUB-TOTAL ESTIMATE (+1-) 70.00% $24,080,000 $ 602,000 <br /> DIRECTIINDIRECT PRE- AND <br /> POST -DEVELOPMENT EXPENDITURES 10,50% $ 3,612,000 $ 90,300 <br /> ADMINISTRATION/MANAGEMENT OF <br /> AUTHORIZED PROJECTS 8.70% $ 2,991,304 $ 74,783 <br />. INDIRECT EXPENDITURES OF <br />AUTHORIZED PROJECTS 4.35% $ 1,495,652 $ 37,391 <br /> SPECIAL FUND ADMINISTRATION <br /> EXPENDITURES 6.45% $ 2221,043 ~ 55,526 <br /> SUB-TOTAL ESTIMATE(+I-) 30.00% $10,319,999 $ 258,000 <br /> TOTAL ESTIMATED <br /> EXPENDITURES(+I-) 100,00% ~5 399 999 $ 860000 <br /> <br />The distribution and expenditure of taxes pursuant to the various categories as set forth <br />above may be modified during the term of the Agreement, pursuant to the terms and <br />conditions of the Agreement and based upon the conditions that may exist in the <br />community and the District at the time of said expenditures, and the need to incur such <br />expenditures. The above is not intended to limit the distribution and allocation of <br />revenues. <br /> <br />Although the Amended Redevelopment Plan provides a term of 40 years following its <br />adoption. the distribution and allocation of tax increment to the District does not begin <br />until the Agency receives $109,875,000 in tax increment from the Project Area. It is <br />projected that the Agency will reach this limit in Fiscal Year 2003-2004 or approximately <br />twelve (12) years following the adoption of the Amended Plan which occurred in Fiscal <br />Year 1992-1993. The Agency may reach this limit earlier or later depending on the rate <br />of growth in assessed valuation in the Project Area. In addition, if the Agency incurs debt <br /> <br />. <br /> <br />A-3 <br /> <br />Page 3 of 14 <br />