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Five -Year Implementation Plan <br />Amended February 2003 <br />Page 30 <br />In addition to passing through a portion of tax increment monies to special districts, <br />the five newer project areas are required to contribute a portion of each year's tax <br />increment revenue to low- and moderate - income housing as follows: Inter- City -- <br />30 %, North Harbor - -30 %, South Harbor - -60 %, South Main - -20 %, and Bristol - -30 %. <br />In late 1985, the State legislature adopted AB 265 (Chapter 1135 of the Statutes of <br />1985) which extended the 20% housing set -aside requirement to redevelopment <br />project areas adopted prior to 1977, beginning with the tax increment generated in <br />Fiscal Year 1985/86. This provision would apply to the Central City Project Area, <br />except that the legislation allowed an exemption if a substantial effort to meet the <br />low- and moderate - income housing needs is made by other sources. As the annual <br />housing set -aside appropriated from the five other project areas exceeds 2011/o of the <br />tax increment generated by the six project areas, the Agency qualifies under this <br />exception. <br />Legislation adopted in 1991 adding Section 33334.3(1) of the Health and Safety Code <br />now authorizes the Agency to continue to meet the set -aside requirements of <br />Community Redevelopment Law by annually allocating more than 20% of the tax <br />increment revenue received by all six project areas to the housing set -aside funds. <br />The Agency will continue to do this using the percentage allocation formula stated <br />above. <br />In the South Main Project Area, an additional 20% of tax increment revenues is set <br />aside for capital improvements and commercial rehabilitation along the South Main <br />corridor between First Street and Warner Avenue. <br />The following table summarizes the Agency's anticipated revenue and expenditure <br />plan for the five -year period of 2000 -2005. <br />Page 99 of 190 <br />