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<br />
<br />Proof of Februa:y 21,1978
<br />
<br />SANTA ANA-7923
<br />
<br />Bowne of San Francisco, Inc., 981-7882
<br />
<br />applicable to the Project area, annual Tax Revenues
<br />of about $1,476,000 will be generated by 1980/81
<br />and will cover estimated maximum annual debt serv-
<br />ice on the Bonds ($1,113,000, computed on the
<br />basis of relatively equal annual bond service pay-
<br />ments to maturity) by about 1.33 times, It is antici-
<br />pated by the Agency that additional development will
<br />occur in the "Project in future years but no projections
<br />0' such development or resulting incremental assessed
<br />valuation have been made for the above computa-
<br />tions, nor have increases in valuations of existing
<br />development been projected,
<br />There is no assurance, however, that tax rates
<br />will continue to be levied at the 1977/78 level as
<br />discussed previously on pages"" of this official
<br />statement.
<br />Table 4 below presents a history of Project as-
<br />sessed valuations and Tax Revenues and projections
<br />through 1980/81 based on the foregoing.
<br />
<br />TablB 4
<br />
<br />CITY OF SANTA ANA
<br />REDEVELOPMENT PROJECT AREA
<br />
<br />Assessed Valuations and Tax RBvenues
<br />
<br />Fiscal
<br />Vaar
<br />
<br />Assessed
<br />ValuallonCD
<br />
<br />Excess Ovar
<br />Frozen Basa
<br />
<br />Tax
<br />Ravanues(j)
<br />
<br />1972173 $14,392,665 $ - $
<br />1973174 . .
<br />1974175 " 21,498,890 7,106,225 194,917
<br />1975176 , , 18,962.200 5,091,642 645,508
<br />1976/77 " 48,000,580 7,012,446 630,729
<br />1977178 " 54,170,300 13,239,616 1,167,000
<br />1978179 " 55,160,084 14,229,400 1,228,000
<br />1979/80 " 56.781.572 15,850,888 1,368,000
<br />1980/81 .. 58,031,572 17,100,888 1,476,000
<br />Thereafter, 58,031,572 17,100,888 1,476,000
<br />
<br />CD 1972/73-1977/78 actual, as reported by Orange County
<br />Audilor Controllor; 1978/79 thoreafter projocted"(see Table
<br />2)" 1973/74 not roportod in accordance with State law,
<br />¡ncroase in 1976/77 duo principally to addition of north
<br />retail center to Project.
<br />@ 1974/75-1977/78 actual, as reported by Orange County
<br />Auditor-Controller; 1978/79-Thereafter estimatod based on
<br />1977/78 tax rates discussed abovo,
<br />
<br />Orange County currently assesses taxable prop-
<br />erty wilhin the Project at an average ratio of 25,1
<br />percent of full value (except public utility property
<br />which is assessed by the State Board of Equalization
<br />at 25 percent of full value)" In accordance with
<br />state statutory provisions any new construction (in-
<br />cluding utility property) must be assessed at 25 per-
<br />cent of full value" Property carried on the local
<br />secured, unsecured and utility rolls is assessed to the
<br />owner of record as of each March I preceding the
<br />fiscal year commencing the next following July 1.
<br />Unsecured property taxes are due on Ihe lien date
<br />and are payable by the next following August 31,
<br />while local secured and utility property taxes are
<br />.due, one-half, on November I and February I of
<br />
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