10B Action 2009 1221 - Laserfiche WebLink

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Revenues" means all taxes pledged and annually allocated within the Plan Limit relating to the Alameda County -City of San Leandro Project Area, following the Closing Date, and paid to the Agency with respect to the Alameda County -City of San Leandro Project Area pursuant to Article 6 of Chapter 6 (commencing with Section 33670) of the Redevelopment Law and Section 16 of Article XVI of the Constitution of the State, or pursuant to other applicable State laws, and as provided in the Alameda County -City of San Leandro Redevelopment Plan, and all payments, subventions and reimbursements, if any, to the Agency specifically attributable to ad valorem taxes lost by reason of tax exemptions and tax rate limitations, but excluding (i) amounts payable by the State to the Agency under and pursuant to Chapter 1.5 of Part 1 of Division 4 of Title 2 (commencing with Section 16110) of the California Government Code, and (ii) amounts payable to the County of Alameda, or required to be spent within that portion of the Alameda County -City of San Leandro Project Area outside of the City limits, pursuant to the Alameda County -City of San Leandro Project Area Agreement. "West San Leandro Project Area Housing Tax Revenues" means that portion of West San Leandro Project Area Tax Revenues required by Section 33334.2, 33334.3 and 33334.6 of the Redevelopment Law to be deposited in the Agency's Low and Moderate Income Housing Fund, provided that, for so long as any 2010 Bonds or Parity Debt are outstanding, in no event shall the Agency deposit less than 20% of West San Leandro Project Area Tax Revenues in the Low and Moderate Income Housing Fund. "West San Leandro Project Area Tax Revenues" means all taxes pledged and annually allocated within the Plan Limit relating to the West San Leandro Project Area, following the Closing Date, and paid to the Agency with respect to the West San Leandro Project Area pursuant to Article 6 of Chapter 6 (commencing with Section 33670) of the Redevelopment Law and Section 16 of Article XVI of the Constitution of the State, or pursuant to other applicable State laws, and as provided in the West San Leandro Redevelopment Plan, and all payments, subventions and reimbursements, if any, to the Agency specifically attributable to ad valorem taxes lost by reason of tax exemptions and tax rate limitations, but excluding amounts payable by the State to the Agency under and pursuant to Chapter 1.5 of Part 1 of Division 4 of Title 2 (commencing with Section 16110) of the California Government Code. The Agency's receipt of Housing Tax Revenues is subject to certain limitations (the "Plan Limit") contained in the Redevelopment Plan for each Project Area, as required pursuant to the Redevelopment Law. The Joint Project Area was established before the effective date of AB1290 (described below) and as such, the Redevelopment Plan contains a "cap" or dollar limit of $2.65 billion, on the amount of tax increment that can be collected under the plan. The Redevelopment Plan contains a statutory time limit on the receipt of tax increment and repayment of indebtedness of 45 years after the date of plan adoption. This limit was extended by one year to July 12, 2044 as a result of astate-mandated payment to the ERAF fund. The Agency's Joint Project Area Redevelopment Plan includes a limitation of $880 million on the amount of indebtedness that may be outstanding at any time. Redevelopment activity can occur for thirty years, until July 11, 2034. See "THE AGENCY AND THE PROJECT AREAS -Limitations on Housing Tax Revenues." The West San Leandro Project Area was established after the effective date of AB1290 (described below) and as such, the Redevelopment Plan for the West San Leandro Project Area does not contain a "cap" or dollar limit, on the amount of tax increment that can be collected under the plan. Instead, the Redevelopment Plan contains a statutory time limit on the receipt of tax increment and repayment of indebtedness of 45 years after the date of plan adoption. This limit was extended by one year to July 19, 2045 as a result of astate-mandated payment to the ERAF fund. The Agency's West San Leandro Project Area Redevelopment Plan includes a limitation of $750 million on the amount of indebtedness that may be -11-