80B - JOINT - FIVE-YR IMPLEMENTATION PLAN

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Aside and the balance of $14,209,000 funded from other Agency resources, including the South Main 20% Commercial Corridor Fund. The amount borrowed from the FY 2009-10 Housing Set- Aside Fund and prior year Affordable Housing Fund borrowings for previous ERAF obligations is anticipated to be repaid on a basis subordinate to Agency debt obligations by FY 2015-16. The repayment to the Housing Fund over the next five years is projected to total $8,036,000. Future year demands from the State are not assumed in the projection. In order to fund the FY 2009-10 SERAF demand from the State, it was necessary for the Agency to borrow $6,302,827 from the South Main 20% Commercial Corridor Fund. The Agency intends to repay the amount borrowed commencing in FY 2011-12 through FY 2016-17. Based upon this plan, the Fund is scheduled to receive $3.3 million over the next five years. Administration The projected cost to administer the redevelopment program for the Merged Project Area over the next five years is based on the Agency's budget of $4,932,000 for FY 2010-11 (based on Agency administrative costs that are funded solely from tax increment revenue). Subsequent year administrative costs are projected to increase by an assumed three percent cost of living factor over the term of the projection. The tax increment funded administrative costs over the next five years are anticipated to total approximately $26.2 million. Contractual Obligations and Subsidies The Agency annually budgets for various existing contractual obligations unique to specific Project Areas as well as those of the Agency as a whole. These annual obligations include trustee fees, economic development obligations, debt service on Certificates of Participation, and debt repayments related to site-specific projects. In all, the Agency's contractual obligations amount to approximately $21.8 million over the next five years. Capital Projects Existing budgeted capital improvement projects identified in the Agency's FY 2010-11 budget reflects various anticipated capital improvements of the Agency, including budgeted costs associated with capital funding of the Grand Central Building, Regional Transportation building, Downtown, Museum District, Downtown Wayfinding Signage program, OCTA building, Station District, YMCA building and various parking lot improvements. An additional $750,000 is budgeted in FY 2010-11 for commercial fagade rehabilitation rebates in the Downtown area. The total cost for these FY 2010-11 budgeted capital improvements is approximately $2.4 million. Specific costs for other subsequent projects have not been identified other than what have been reflected in the FY 2010-11 budget. To the extent annual resources, in excess of the noted expenditures, become available to the Merged Project Area, such discretionary resources may be used to fund other capital improvement opportunities that may arise in subsequent fiscal years or may be used for ongoing commercial fagade improvement assistance Downtown. Based upon the forecast and inclusive of the $2.4 million already budgeted for specific capital improvements in FY 2010-11, over the next five years up to $8 million may be available for capital project improvements in the Merged Project Area. Santa Ana Community Redeve 1- it Agency Imp6y,e, tio?bn July 1, 2010 to June 30,201-5---' For the Merged Santa Ana RE , pment Project y Page 35