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and becomes the basis of determining tax increment revenues due to the Agency. Although adjustments to taxable values for property within the Project Areas may occur throughout the fiscal year to reflect escaped assessments, roll corrections, etc., such adjustments are not assumed in the tax increment projection shown herein. Revenue from the secured and unsecured roll is distributed to the Agency in two payments, with half in January based on December tax collections and half in May from April collections. An additional adjustment payment may be made at year-end. The unitary roll revenue is paid in two installments in January and May. Tax revenue from supplemental assessments in the Project Areas is separately distributed in monthly payments to the Agency. As of August 18, 2009, the delinquency rate was 1.6% in the West San Leandro Project Area and 5.7% in the Joint Project Area. Assessed Valuation Housing Tax Revenues are generated from increases in the total assessed value above the base year value. In or about August of each year, the County Auditor-Controller provides a report of the current year and base year values for the Project Areas. The base year assessed valuation for the Project Areas was established as the assessed valuation in the constituent sub-areas comprising the Project Areas in the year prior to the first year of the redevelopment plans for each sub-area. The following table summarizes the base year and assessed value by land use in the Project Areas: Joint Area West San Leandro Area Base Year 1992-93 1998-99 Base Year Assessed Valuation 903,597,367 $638,295,280 2009-10 Assessed Valuation 2,279,369,564 1,030,879,972 Current Incremental Assessed Valuation 1,375,772,197 392,584,692 Percentage of Assessed Valuation in: - Residential use 48% 2% -Commercial use 27% 7% -Industrial use 24% 89% - Vacant and other uses 1 % 2% Source: San Leandro Redevelopment Agency, Urban Analytics. Between 2003-04 and 2007-08, total assessed valuation increased in the Joint Project Area by about 35%, or approximately 8% per year. Annual roll growth has been driven principally by the sales of single-family residential properties, the predominate property type in the Joint Project Area. Single-family residential sales have contributed between 35% and 85% of yearly valuation gains since 2003-04 while other residential properties, including apartments and condominiums, contributed between 13% and 31 %. Commercial and industrial properties have accounted for around 30% of annual valuation growth. In 2005-06, the San Leandro Hospital transferred ownership to an exempt public agency; the assessed valuation of the property was reduced to zero from $47 million. -26-