090704 Jt PH Adotpion Amend Merger SA Redvlp Proj Areas EXHIBIT 2

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repayments of monies lent by the Agency and loans from other allowable financing sources noted above. Net Tax Increment $845,082,000 Housing Set Aside 579,692,000 Miscellaneous Revenue 872,000 Loans 32.275 000 Total Resources $1,457,921,000 Tax Increment Revenues Table 6 presents the combined summary of tax increment revenues that have been projected for the Merged Project Area. The projections of the incremental taxable values and resulting tax increment revenues for each of the respective redevelopment project areas are shown in Table 7, Table 7a, Table 71b, Table 7c, Table 7d, Table 7e, and Table 7f. Reported assessed values for each project area provide the basis for the respective tax increment projections (values as reported by the Orange County Auditor - Controller for FY 2003 -04). Future, tax increment revenues are based upon assumed increases in the annual incremental assessed valuation resulting from a real property 4% annual inflationary increase allowable under Article XI IIA of the California Constitution. The gross tax increment revenues projected for the Merged Project Area over the term of the feasibility cash flow projection amounts to $1,961,741,000, of which $579,692,000 would be deposited into the Low and Moderate Income Housing Fund, $39,235,000 would be paid in County administrative charges, $447,173,000 would be paid to affected taxing agencies under current tax sharing agreements and $50,560,000 would be paid under statutory pass through formulas to other taxing agencies triggered as a result of the elimination of the debt incurrence time limits (per SB 211) of the South Main, North Harbor and South Harbor Project Areas. Net tax increment revenues amount to $845,082,000. 2. Housing Set Aside The Agency is annually required to deposit 20 percent of gross tax increment revenues generated by the Merged Project Area into the Low and Moderate Income Housing Fund for the purposes of increasing, improving and preserving the community's supply of low and moderate income housing. Specific housing - related projects, programs and activities are not delineated in by the Agency to fund such expenditures. The feasibility cash flow, but assume that as housing set aside funds become available they are used. 3. Miscellaneous Revenues Existing miscellaneous revenues identified in the Agency's FY 2004 -05 and FY 2005 -06 budget projection reflects loan repayments anticipated in the Central City, South Harbor and South Main Project Areas. Page 25 of 190 Report to the City Council for the Merger of the Keyser Marston Associates, Inc. Santa Ana Redevelopment Projects Page 20 PA0403012, SNTA:CK:gbd �onon nnv nnnmcnoi�n