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V. OVERALL FINANCING <br />The Board of Supervisors has established a transportation corridor development <br />policy (Exhibit II), also implemented by the Agency and all of its Parties, which <br />defines the corridor implementation obligations of land development projects, and as <br />noted in Section I of this report has indicated its general intent to require all new <br />development to bear a portion of the costs of the corridors by payment of <br />development fees (Major Thoroughfare Fee). Funds from other more traditional <br />sources (e.g., existing state and federal taxes on motor vehicle fuel) and from other <br />non - traditional sources (e.g., toll revenues) will be sought for the portion of the cost <br />not funded by development fees. <br />State Route 73 (Corona Del Mar Freeway) has been legislatively redescribed to, <br />correspond with the route of San Joaquin Hills Transportation Corridor. Similar <br />legislation has been approved by the Legislature (SB 2048 and SB 2049) and is <br />pending signature by the Governor to place the Foothill/Eastern Corridors in the State <br />Highway System. <br />The San Joaquin Hills Transportation Corridor also has been designated as the "first <br />phase" of a federal pilot project authorized by HR2, Surface Transportation Act of <br />1986, thereby making it eligible for a maximum of 35% federal funding, if approved <br />by the California Transportation Commission in its State Transportation Improvement <br />Program (SUP). <br />This Major Thoroughfare & Bridge Fee Program focuses only on the portion of the <br />corridor implementation costs which may be attributable to new growth and for which <br />development fees are proposed. <br />The statutes identified in Section I of this report which authorize the collection of <br />development fees specify that an Area of Benefit (AOB) shall be established which <br />encompasses real property, which will benefit from construction of the major <br />thoroughfares and bridges. The method of determining the AOB and the share of <br />total corridor costs proposed to be paid by new development in the form of fees is <br />explained in Sections VI and VIII of this report. <br />The originally estimated corridor costs, subject to adjustment as previously stated, <br />and the portions allocated to new development through the Major Thoroughfare and <br />Bridge (MT &B) fee program are: <br />New Development <br />Approximate <br />Total Cost Share of Cost % <br />San Joaquin Hills: $341,660,000 $165,500,104 48.4% <br />223512_2.DOC 10 <br />