19D - EXHIBIT FY 10-11 RDA Annual Report

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COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA Notes to the Basic Financial Statements (Continued) Year Ended June 30, 2011 The 2011 Tax Allocation Bonds are secured by a first pledge of and lien on tax revenues, excluding all other amounts of taxes, such as those which are required to be deposited into the Low and Moderate Income Housing Fund of the Agency, taxes which constitute supplemental subventions payable by the State to the Agency, taxes which constitute amounts to be paid by the Agency pursuant to certain Pass - Through Agreements described in the official statement, except and to the extent such amounts so payable are payable on a basis subordinate to the payment of the 2011 Bonds and any Parity Debt, taxes which constitute amounts payable by the Agency under former Section 33676 of the Redevelopment Law for payments to affected taxing entities, taxes to the extent required for the payment of debt service on the 2003 Bonds, and taxes pledged and annually allocated to the South Main Street Redevelopment Plan. The economic gain on refunding was $1.98 million. The total debt service amount outstanding for the bonds is $122.8 million. Pledged tax revenue recognized during the year ended June 30, 2011, was $33.6 million against the total debt service payments of $0. The debt service requirements to maturity (including interest) on the bonds are as follows: Year Ending June 30 Principal Interest Total 2012 $ - $ 415251589 $ 415251589 2013 - 412091850 412091850 2014 - 412091850 412091850 2015 - 412091850 412091850 2016 - 412091850 412091850 2017 -2021 1011601000 2013901931 3015501931 2022 -2026 3810501000 1218921419 5019421419 2027 -2028 1815801000 114001963 1919801963 Total $ 6617901000 $ 5610491302 $ 12218391302 (7) LONGTERM LOANS Santa Ana Venture Loan In April 1984, the Agency entered into a Participation Agreement with Santa Ana Venture, a joint venture between JMB/Federated Realty Association and Henry Segerstrom (Participants) to provide for rehabilitation and redevelopment of the Main Place Project. This agreement provides resources for the Agency to acquire land within the project area and to sell it to the Participants subject to restrictive terms, conditions, and provisions set forth in the agreement. To provide for the Agency's acquisition of land and other related costs, the Participants agreed to make available an unsecured loan of up to $13,500,000 plus additional advances equal to the amount by which total Agency costs exceed $29,000,000. This loan accrues interest at 10% per annum and is to be repaid solely from the annual tax increment accruing to the Agency from the project site each year that is in excess of the tax increment accruing in fiscal year 1984. As of June 30, 2011, the balance of the loan advanced by the participants was $6,220,687. 36