050205 PH Pymt Edu Revenue Augmen-Ord Amending Merged Redvlp Plan

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P.H. - Payment to ERAF and An Ordinance Amending the Merged Redevelopoment Plan to Extend Certain Time Limits May 2, 2005 Page 3 made by the Community Redevelopment Agency before May 10, 2005. SB 1096 also included a provision that allows the legislative body to adopt an ordinance to amend the redevelopment plan extending the time limit on the use of tax increment to repay indebtedness and extend the plan effectiveness by one year for a redevelopment agency making an ERAF payment. For Redevelopment Plans with 10 to 20 years remaining, the legislation requires that the legislative body finds that the Agency is in compliance with the major housing requirements. These include the requirement to deposit 20 percent of the gross tax increment into the housing set -aside fund, the adoption of a housing implementation plan, compliance with housing replacement and inclusionary obligations, and certification that no excess surplus exists. Redevelopment plans with 20 years or more remaining cannot be extended. The City of Santa Ana has a merged redevelopment project area consisting of Central City, Inter -City, North Harbor, South Harbor, South Main and Bristol Corridor. The following time limits are proposed for amendment: *Not eligible for one year extension under SB1096. 4 -3 TIME LIMIT ON TIME LIMIT ON TIME LIMIT ON TIME LIMIT ON PLAN PLAN PLAN RECEIPT OF RECEIPT OF EFFECTIVENESS EFFECTIVENESS TAX INCREMENT TAX INCREMENT (CURRENT (PROPOSED (CURRENT (PROPOSED DATE) DATE) DATE) DATE) Central City July 2, 2014 July 2, 2015 July 2, 2024 July 2, 2025 Inter -City July 6, 2023 July 6, 2024 July 6, 2033 July 6, 2034 North Harbor July 6, 2023 July 6, 2024 July 6, 2033 July 6, 2034 South Harbor July 6, 2023 July 6, 2024 July 6, 2033 July 6, 2034 South Main July 6, 2023 July 6, 2024 July 6, 2033 July 6, 2034 *Bristol December 4, December 4, December 4, December 4, 2030 2030 2040 2040 *Not eligible for one year extension under SB1096. 4 -3