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P. H. Mid -Term Review and Amendment <br />of Five -Year Implementation Plan <br />March 3, 2008 <br />Page 3 <br />• Proposed and had approved the Wilshire Minnie 146 unit affordable <br />housing complex. <br />The Redevelopment Agency will continue administering existing contractual <br />obligations and budgeted projects and debt repayment. During the five - <br />year plan period, the estimated expenditure will continue to be $139 <br />million. The Agency will also continue to spend the Housing set aside <br />Fund in accordance with the Law requirements and existing agreements. <br />During the five -year plan period, the estimated expenditure will continue <br />to be $66 million from the Housing fund. <br />Additionally, in 2007, the State Legislature adopted SB437, which <br />included a provision requiring all redevelopment agencies to incorporate <br />specific information regarding time limits into the Implementation Plan. <br />The legislation requires the list of the following time limits: <br />1. The time limit for the commencement for eminent domain <br />proceedings to acquire property within the project area. <br />2. The time limit for the establishment of loans, advances, and <br />indebtedness to finance the redevelopment project. <br />3. The time limit for the effectiveness of the redevelopment plan. <br />4. The time limit to repay indebtedness with the proceeds of <br />property taxes. <br />In compliance with this new legislation, the redevelopment time limits <br />are provided in a table (Exhibit 1) included with this staff report to be <br />attached as Appendix A to the Implementation Plan. <br />Pursuant to Redevelopment Law, notice of the Public Hearing was posted on <br />February 1, 2008, in 24 public locations throughout the Merged Project <br />Area. Also, public notices were published in the Orange County Register, <br />the La Opinion, and in the Nguoi Viet on February 3, 10, and 17, 2008. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Nancy 'Edwards <br />Assist t Director <br />Community Development Agency <br />SGH /NTE /mlr <br />H: \ACTION ITEMS \CRA \2006 CRA \030308 P.H. MidTerm Imp Plan Udated Staff Report Redline (2).doc <br />3 -3 <br />