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<br />I; <br /> <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br /> <br />I: <br /> <br />24 <br />25 <br />26 <br />27 <br />28 <br />28 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br /> <br />. : <br /> <br />45 <br />45 <br />47 <br />48 <br />49 <br />50 <br />51 <br />52 <br />53 <br />64 <br />55 <br />66 <br />57 <br />58 <br />59 <br />60 <br />61 <br />62 <br />63 <br />64 <br />65 <br />66 <br />67 <br />68 <br />69 <br />70 <br />71 <br />72 <br />73 <br />74 <br /> <br />. <br /> <br />Proof of Februa" 18, 1978 <br /> <br />SANTA ANA-7923 <br /> <br />Bowne of San Francisco, Inc., 981-7882 <br /> <br />GALLEY 24- <br /> <br />owned structures and facilities benefiting the Project <br />and low and moderate income housing, the Agency <br />itself cannot construct any buildings contemplated <br />under the Redevelopment Plan but must convey <br />property in the Project by sale or lease for private <br />redevelopment in strict conformity with the Plan. <br />The Agency may specify a period of time within <br />which such development must begin, If the Agency <br />constructs low income housing, it cannot operate it <br />beyond a reasonable period of time needed to sell or <br />lease the housing development. <br /> <br />Tax Allocation Financing <br />The Community Redevelopment Law authorizes <br />a method of financing redevelopment projects based <br />upon a prescribed allocation of property taxes col- <br />lected within a project. The assessed valuation of <br />taxable property within the project is, in effect, <br />frozen at the level set forth in the assessment rolls <br />last equalized prior to the effeclive date of the Ordi- <br />nance adopting the redevelopment plan or any <br />amendments thereto and all overlapping taxing bodies <br />continue to receive the taxes derived by the levy of <br />the current tax rate against the assessed valuation <br />of the project up to an amount equivalent to Ihis <br />frozen base, All property taxes collected each year <br />after the adoption of the redevelopment plan or any <br />amendments thereto upon any increase in assessed <br />valuation above the established base levels may be <br />credited to a redevelopment agency and pledged to <br />the repayment of any indebtedness incurred in the <br />development of the project, The county also dis- <br />tributes to the Agency the incremental delinquent <br />taxes in the same manner when they are collected, <br />After all illdebtedness of the Agency for a given <br />project has been repaid, the total taxes produced <br />by the project Ihereafter accrue to the respective <br />taxing bodies in the usual manner. Thus, the tax <br />allocation procedure not only permits each taxing <br />agency to levy and coIlecl taxes on the level of <br />assessed valuation existing in a project prior to <br />redevelopment, but also provides that increases in <br />assessed valuation occurring as a result of such rede- <br />velopment may be used as a basis for the repayment <br />of costs or indebtedness incurred in behalf of the <br />project, <br />During the course of redevelopment, assessed <br />valuations may temporarily be less than the frozen <br />base, as a redevelopment agency acquires land and <br />improvemenls and the properties are removed from <br />the tax rolls by virtue of the transfer to public own- <br />ership, or as other land development activities result <br />in a short-term reduction in assessed valuation, While <br />