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Administration <br />The projected cost to administer the redevelopment program for the Merged Project Area over <br />the next five years is based on the Agency's estimate of $4,362,000 for FY 2005 -06. <br />Subsequent year administrative costs are projected to increase by an assumed three percent <br />cost of living factor over the term of the projection. The administrative costs over the next five <br />years are anticipated to total approximately $23.2 million. <br />Contractual Obligations <br />The Agency annually budgets for various existing contractual obligations unique to specific <br />project areas as well as those of the Agency as a whole. The pre- existing contractual <br />obligations identified in the Agency's FY 2005 -06 budget project' are summarized in Table 2. <br />These annual obligations include trustee fees, economic de opm t obligations, debt service <br />on certificates of participation, debt repayments related t site -spe Ific projects and to the City <br />General Fund. The 20 percent commercial corridor ettl a et- ide from the South Main <br />tax increment revenue is also incorporated here <br />amount to approximately $47.3 million. n <br />Budgeted Projects <br />Existing budgeted capital irorov <br />projection reflects vario s an 'ciK <br />corridor of the So Main j t <br />approximately $ . miljion Sp <br />identified. <br />Future Loan Repayments V <br />obligation <br />FY 2005 -06 budget <br />e South Main commercial <br />budgeted improvements is <br />projects have not been <br />During the Implementation Nn eriod there is the potential for cash deficits, requiring short - <br />term loans. The deficits are primarily the result of anticipated ERAF payment to the State to <br />address State budget deficits, in which the Agency is assumed to borrow the required ERAF <br />payment from the Housing Fund. Non -ERAF deficits are assumed to be funded from other <br />Agency financing sources as necessary over the term of the projection. The budget assumes <br />that such loans can be advanced to the Agency to meet any future cash deficits, with the loan <br />principal and interest (assumed at 6 %) to be paid on a pay -as- you -go basis in subsequent fiscal <br />years. <br />Santa Ana Community Redevelopment Agency Implementation Plan Keyser Marston Associates, Inc, <br />For the Merged Santa Ana Redevelopment Project Area July 1, 20D5 to June 30, 2010 <br />Page 19 <br />0504021.SA <br />19090.004.001/4/22/2005 <br />