80B - JOINT - FIVE-YR IMPLEMENTATION PLAN

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The Goals and Objectives and Projeccs, Programs and Expenditures included in this Implementation Plan reflect the financial constraints of the Agency to implementing the Redevelopment Plan over the five-year term of the Implementation Plan. As mentioned earlier and shown below, over the next five-year period the Agency's revenues have been committed to paying existing debt. As a result, the Agency has very little latitude with the discretionary actions that it may undertake. Agency discretionary actions will be primarily limited to assisting developers or owners that can front the costs for development on projects that are not financially feasible with the agreement that the developer will be repaid from tax increment generated from the proposed development. Should substantial new development occur or property sales that exceed current trends, there may be additional discretionary revenues available to fund projects. REVENUES At the time a Redevelopment Plan is adopted for a project area, the taxes generated from taxable value of property in the area (often referred to as the base year value) continue to be distributed to each of the taxing entities, which levy a property tax in the Merged Project Area. The property taxes that occur due to growth in taxable value above the base year value are allocated to the redevelopment agency. This amount is commonly referred to as tax increment revenues. Over the five-year period from FY 2010-11 to FY 2014-15, the Gross Tax Increment Revenue is projected to total $268.4 million. From this amount, the Agency is required under Redevelopment Law to set aside 20 percent of the Gross Tax Increment Revenue to be spent on affordable housing. The Agency sets asides more than the required 20 percent and the projected deposit to the Housing Fund amounts to $69.7 million for the period. Additional contractual and statutorily mandated pass through allocations to various affected taxing agencies are also made and are projected to amount to $56.9 million for the period. The County is projected to collect an additional $1.5 million for County administrative overhead expenses allowed under SB 2557 for the period. The resulting Net Tax Increment Revenue remaining for Agency debt payments, administration and capital improvement expenditures is projected to total $140.3 million. Santa / Sri nunit Redevelopment A enc Im i do P Jul 1, 2, ?" 't, vJune 30, 2015 For tnea Santa Ana Redelopmennt Project rg- dn y ,c Page 32