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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />JULY 2, 2007 <br />TITLE: <br />RESOLUTION APPROVING FISCAL YEAR <br />2007 -2008 COMMUNITY REDEVELOPMENT <br />AGENCY BUDGET AND MAKE CERTAIN <br />FINDINGS WITH REGARD THERETO <br />44 <br />EXECUTIt DIRECTOR <br />RECOMMENDED ACTION o r_A,, 0+C" <br />AGENCY SECRETARY USE ONLY: <br />M.afirri : a2vn4 <br />2nld . & "� <br />APPROVED <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution approving the fiscal year 2007 -2008 budget of the <br />Community Redevelopment Agency as identified in the City of Santa Ana's <br />Annual Budget. <br />DISCUSSION <br />Consistent with California Redevelopment Law, the annual funding plan and <br />certain findings for the Community Redevelopment Agency must be approved <br />by resolution of the Agency. <br />The proposed budget for the Community Redevelopment Agency from property <br />tax increment revenues for fiscal year 2007 -2008 is $51,665,360. The tax <br />increment revenue is allocated to support the programs and projects of <br />the Community Redevelopment Agency, including the payment of debt service <br />and obligations totaling $21,076,200 (40.8 percent), payment to the Low <br />and Moderate- Income Housing Fund totaling $13,527,175 (26.2 percent) <br />pursuant to California Redevelopment Law, payment of pass- through <br />obligations to other taxing districts totaling $6,551,615 (12.7 percent), <br />management and administration of the merged redevelopment project areas <br />totaling $5,357,730 (10.3 percent), and the funding of eligible capital <br />projects totaling $5,152,640 (10.0 percent). <br />4 -1 <br />As Recommended %. <br />As Amended <br />❑ <br />Ordinance on 1 s' Reading <br />❑ <br />Ordinance on 2ntl Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution approving the fiscal year 2007 -2008 budget of the <br />Community Redevelopment Agency as identified in the City of Santa Ana's <br />Annual Budget. <br />DISCUSSION <br />Consistent with California Redevelopment Law, the annual funding plan and <br />certain findings for the Community Redevelopment Agency must be approved <br />by resolution of the Agency. <br />The proposed budget for the Community Redevelopment Agency from property <br />tax increment revenues for fiscal year 2007 -2008 is $51,665,360. The tax <br />increment revenue is allocated to support the programs and projects of <br />the Community Redevelopment Agency, including the payment of debt service <br />and obligations totaling $21,076,200 (40.8 percent), payment to the Low <br />and Moderate- Income Housing Fund totaling $13,527,175 (26.2 percent) <br />pursuant to California Redevelopment Law, payment of pass- through <br />obligations to other taxing districts totaling $6,551,615 (12.7 percent), <br />management and administration of the merged redevelopment project areas <br />totaling $5,357,730 (10.3 percent), and the funding of eligible capital <br />projects totaling $5,152,640 (10.0 percent). <br />4 -1 <br />