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The Project Area is expected to generate $869,885 in property tax increment available <br />for debt service in 2003-04, after deductions for County administration fees, pass-through <br />payments and the housing set-aside. The table below shows assessed value as well as <br />estimated gross and net tax increment revenue in the Project Area for fiscal year 2003-04. <br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />West San Leandro/MacArthur Boulevard Redevelopment Project <br />Tax Increment Revenue Estimate -Fiscal Year 2003-04 <br />Secured AV $634,711,187 <br />Unsecured AV 151,897,141 <br />SBE-Assessed Utilities 319,014 <br />Total AV 786,927,342 <br />Less: Base Year AV (640,048,050) <br />Incremental AV $146,879,292 <br />Secured Tax Rate 1.0057% <br />Unsecured Tax Rate 1.0065% <br />Tax Increment $1,477,482 <br />Plus: Unitary Roll Revenue 1 1 <br />Gross Tax Increment 1,478,582 <br />Less: County Admin Fee (19,222) <br />Less: Housing Set-Aside (295,716) <br />Less: Pass-through Payments 293 759 <br />Net Tax Increment $ 869,885 <br />Source: Urban Analytics; County of Alameda <br />Major Property Owners <br />The following table lists the twenty largest payers of secured property taxes in the <br />Project Area for fiscal year 2003-04. The aggregate assessed value of the top ten secured <br />property taxpayers accounted for approximately 28% of the total assessed value of the Project <br />Area for 2003-04. AMB Property Company is the largest property owner in the Project Area, <br />with total property valuation of $67.8 million. The owner controls twelve properties in the <br />Project Area. See also "Appeals of Assessed Values" below. <br />-20- <br />