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

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V. IMPLEMENTATION PLAN Per Section 33352(c) of the CRL, the Implementation Plan prepared as part of the Report to the City Council must describe the specific goals and objectives of the Agency, specific projects proposed by the Agency, including a program of actions and expenditures proposed to be made within the first five years of the adoption of the Redevelopment Plans, a description of how these projects will improve or alleviate the blighting conditions in the Project Area, and show how the requirements for low and moderate income housing in the community will be met. The initial (combined) Five Year AB 1290 Implementation Plan for the Project Areas was originally adopted in 1994, for the five -year period from December 1994 through 1999. In 1999, the Agency adopted the Second Five Year AB 1290 Implementation Plan for the Project Areas for the five -year period between December 1999 — December 2004. This second Five -Year Implementation Plan is the current Implementation Plan for 2000 -2005 and is included within this Report as Appendix A. The purposes of the proposed Amendments are to merge the Project Areas to combine tax increment revenues for more effective administration of the Agency's redevelopment program and contribute to revitalization of the Project Areas through increased economic vitality, and increased and improved housing opportunities. The specific goals and objectives, projects and programs, and proposed expenditures contained in the current Implementation Plan (Appendix A) will not change as a result of the adoption of the proposed Amendments. The Agency intends to continue to implement the same projects and programs identified in the current Implementation Plan. Furthermore, the identified expenditures for the Project Areas will not change. Therefore, the current Implementation Plan will not be amended as a result of the Merger. To the degree that increment is received beyond what has been allocated for the repayment of existing debt, the Agency will allocate those revenues within the Merged Project Area that will best eliminate blight, increase economic vitality and promote affordable housing. Page 43 of 190 r UpVf L w uie U y uouncu ror the merger of the Keyser Marston Associates, Inc. Santa Ana Redevelopment Projects Page 32 PA0403012.3NTAcK:9bd 19090.003.004/06/28N4