Laserfiche WebLink
4. Administration <br />The projected cost to administer the redevelopment program over the life of the Merged <br />Project Area is based on the Agency's estimate of $4,362,000 for both FY 2004 -05 and FY <br />2005 -06. Subsequent year administrative costs are projected to increase by an assumed <br />3% cost of living factor over the term of the projection. The administrative expenditures <br />are assumed to continue over the effective life of the respective Project Areas. <br />5. Contractual Obligations <br />The Agency annually budgets for various existing contractual obligations unique to <br />specific project areas as well as those of the Agency as a whole. The pre- existing <br />contractual obligations identified in the Agency's FY 2004 -05 and FY 2005 -06 budget <br />projection are detailed on Table 5. These annual obligations include trustee fees, <br />economic development obligations, debt service on certificates of participation, debt <br />repayments related to site - specific projects and to the City General Fund. The 20% <br />commercial corridor settlement set -aside from the South Main tax increment revenue is <br />also incorporated here. The contractual obligations are assumed to continue over the <br />effective life of the respective Project Areas. <br />Budgeted Proiects <br />Existing budgeted capital improvement projects identified in the Agency's FY 2004 -05 <br />and FY 2005 -06 budget projection reflects various anticipated capital improvements in <br />the South Main commercial corridor of the South Main Project Area. Specific <br />subsequent year project costs were not identified by Agency staff and are not assumed <br />in the cash flow projection. <br />7. Affordable Housing <br />The Agency is annually required to deposit 20 percent of gross tax increment revenues into <br />the Low and Moderate Income Housing Fund for the purposes of increasing, improving and <br />preserving the community's supply of low and moderate income housing. Specific housing <br />projects, programs and activities have not been delineated in this projection, but assume <br />that as housing set aside funds become available they are used by the Agency to fund <br />such expenditures. The set aside requirements of the respective Project Areas are as <br />follows: <br />Central City <br />0% <br />Inter City <br />30% <br />North Harbor <br />30% <br />South Harbor <br />60% <br />South Main <br />20% <br />Bristol Corridor <br />30% <br />Page 23 of 190 <br />Report to the City Council for the Merger of the Keyser Marston Associates, Inc. <br />Santa Ana Redevelopment Projects Page 18 <br />PA0403012.SNTA:CK:9bd <br />I nnan nm nmm�eivamn <br />