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CRA Annual Report for FY 2009-2010 <br />December 6, 2010 <br />Page 2 <br />The Annual Financial Report delineates the financial activities for all funds within the <br />redevelopment fund. Additionally, the report documents the achievements completed <br />during the fiscal year as a direct result of the activities of the Community Redevelopment <br />Agency. <br />3. Housing and Community Development Report of Housing Activity of Community <br />Redevelopment Agencies <br />In addition to general Agency financial transactions, the Housing and Community <br />Development Annual Report contains information regarding the low and moderate-income <br />housing fund and a description of the effect of redevelopment activities on housing in <br />general. <br />4. Annual Statement of Indebtedness <br />The Annual Statement of Indebtedness is the annual report filed with the County Auditor <br />describing Agency indebtedness and a reconciliation statement. <br />5. Agency Time and Financial Limits <br />In 2007, the State Legislature adopted SB437, which included a provision requiring all <br />redevelopment agencies to incorporate specific information regarding time limits into the <br />Annual Reports. The legislation requires the list of the following time limits: <br />1) The time limit for the commencement for eminent domain proceedings to acquire <br />property within the project area. <br />2) The time limit for the establishment of loans, advances, and indebtedness to finance the <br />redevelopment project. <br />3) The time limit for the effectiveness of the redevelopment plan. <br />4) The time limit to repay indebtedness with the proceeds of property taxes. <br />In compliance with this legislation, the redevelopment time and financial limits are included in the <br />Annual Report. <br />The Health and Safety Code mandates that the Annual Report be received by the City Council and <br />filed with the State Controller's office prior to December 31, 2010. <br />19D-2