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by such added area pursuant to a statutory formula ("Statutory Tax Sharing") as follows: (1) from the first fiscal year in which a redevelopment agency or its successor receives tax increment until the last fiscal year in which such agency receives the tax increment, 25% of the tax increment is passed through to the taxing agencies (net of Housing Set -Aside); (2) commencing in the eleventh year, an additional 21% of the tax increment calculated by applying the tax rate to the increase in assessed value over the assessed value in the tenth year in which such redevelopment agency or its successor receives tax increment is passed through to the taxing agencies (net of Housing Set -Aside); and (3) commencing in the thirty-first year, an additional 14% of the tax increment calculated by applying the tax rate to the increase in assessed value over the assessed value in the thirtieth year in which a redevelopment agency or its successor receives tax increment is passed through to the taxing agencies (net of Housing Set -Aside). In addition, with respect to redevelopment projects formed by adoption of a redevelopment plan prior to January 1, 1994, if the Former Agency deleted the time limit to incur indebtedness in a redevelopment project (pursuant to Section 33333.6(e) of the Redevelopment Law, as amended pursuant to SB 211) or increased the total amount of Tax Revenues to be allocated to the project area or increased the duration of the Redevelopment Plan and the period for receipt of Tax Revenues, Statutory Tax Sharing is required under Section 33607.7 of the Redevelopment Law with all affected Taxing Agencies not already a party to a tax sharing agreement, once the original limitations were reached. The Dissolution Act provides for a procedure by which the Successor Agency may make Statutory Tax Sharing amounts subordinate to the Bonds. The Former Agency had not previously undertaken proceedings to subordinate such payments to the Refunded Bonds. The Successor Agency will not undertake such procedure with respect to the Bonds. The Central City and Inter -City Redevelopment Projects are subject to the triggered statutory pass through obligations commencing after fiscal year [2003/04] as a result of the elimination of the debt incurrence time limits, Bristol Corridor Redevelopment Project commencing fiscal year [2009/10] and the South Harbor/Fairview and South Main Redevelopment Projects commencing fiscal year [2010/11]. The City has elected to receive its portion of the tax revenue as described in (d) above. The City has not subordinated the payment of such amounts to the Bonds. Since dissolution, the County Auditor -Controller calculates and pays the Statutory Tax Sharing amounts. TAX REVENUES AND DEBT SERVICE COVERAGE As shown in Table 6 and 7, the actual amounts received by the Successor Agency depends on the realization of certain assumptions relating to the Tax Revenues. The Fiscal Consultant has projected taxable valuation and Tax Revenues in the Project Area. Table 6 reflects taxable value and Tax Revenues assuming no growth on the tax base. Table 7 includes certain tax base growth assumptions as presented below. The Successor Agency believes the assumptions upon which the projections are based are reasonable; however, some assumptions may not materialize and unanticipated events and circumstances may occur (see "RISK FACTORS"). Therefore, the actual Tax Revenues received during the forecast period may vary from the projections and the variations may be material and could affect the Successor Agency's ability to timely pay principal of and interest on the Bonds. Following is a discussion of assumptions used in the projection of Tax Revenues: Baseline Assumption (b) The values of unsecured personal property and state assessed utility property and the amount of unitary revenues have been maintained throughout the projections at their fiscal year 2017/18 levels, with no growth assessed. 36 SA -3-50