80B - JOINT - FIVE-YR IMPLEMENTATION PLAN

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The Merged Project Area's net tax increment revenues are estimated at $30.1 million for FY 2009-10 (net of County administrative fees, Set-Aside, and contractual and statutory pass through obligations). Over the five-year period, the Agency is projected to receive approximately $140.3 million in net tax increment revenues, the majority of which is obligated to repay debt. The revenues anticipated to be generated in the Merged Project Area over the next five years are identified in Table 4. Table 4: Anticipated Revenues (FY 2011- FY 2015) NOW, Net Tax Increment $140,276,000 Interest Earnings 1,881,000 Carry-Over Funds for SERAF z 3,680,000 Total Revenues $145,837,000 EXISTING OBLIGATIONS Agency Bond Debt Service The Agency will continue to make principal and interest payments on the 1989 Tax Allocation Refunding Bonds (Central City, Inter-City and South Harbor Project Areas) and the 2003 Tax Allocation Bonds (South Main Project Area). Over the next five years the amount of 1989 bond debt service will total approximately $47.7 million and the amount of 2003 bond debt service will total approximately $21.1 million. Transfers In (Credit) The Santa Ana Financing Authority issued 1998 Refunding Revenue Bonds, Series A, B, C and D for the purpose of using the net proceeds to purchase the Agency's 1989 Tax Allocation Refunding Bonds, Series A, B, C and E referenced above. This enabled the Agency to realize a savings of $1.2 million in annual debt service payments by utilizing the leverage of pooling funds permitted by Mello Roos bonds. Over the next five years, the Financing Authority bond debt service will total approximately $41.5 million, providing the Agency with a cumulative savings of approximately $6.2 million over the same period. Supplemental Educational Revenue Augmentation Fund (SERAF) The California State Legislature adopted Assembly Bill 26-4x to take $1.7 billion from local redevelopment funds in FY 2009-10 and an additional $350 million in FY 2010-11, and shift the tax increment funds to the SERAF to offset State deficits to K-12 schools. On May 10, 2010, the Agency paid the state $17,889,256. For FY 2010-11, the Agency's exposure is estimated to be $3,680,000. A lawsuit filed with the Sacramento Superior Court by the. California Redevelopment Association challenging the constitutionality of AB 26-4x was denied by the court. The FY 2009- 10 SERAF payment was funded from a $3,680,000 borrowing of the FY 2009-10 Housing Set- 2 To make the required SERAF payment to the State of California in FY 2010-11, the Agency intends to fund the demand from anticipated carry-over funds available to the Merged Project Area. Santa Ana Community Redevelopment Agency Imp do July 1, 2010 to June 30, 2015 For the Merged Santa Ana Redevelopment Project ot- Page 34