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<br />39 <br />territory in 1974 and has been amended several times over the years to add more territory to <br />the Plaza 2 Project Area. The Plaza 1 Project Area encompasses approximately 18 acres and <br />the Plaza 2 Project Area has approximately 137 acres, for a total of 155 acres for the Plaza <br />Project Area. <br /> <br />AB 1290; AB 1290 Amendment. In 1993, the California Legislature enacted Assembly <br />Bill 1290 (“AB 1290”), which made several significant changes to the Redevelopment Law. <br />Among other changes, AB 1290 requires redevelopment plans to include limits on the period of <br />time for incurring and repaying loans, advances and indebtedness payable from tax increment <br />revenues. <br /> <br />On December 18, 1995, the City Council adopted Ordinance No. 95-042, which adopted <br />a series of plan limits related to the original Plaza Project Area Redevelopment Plan to comply <br />with AB 1290. <br /> <br />SB 211; SB 1045; SB 211 and SB 1045 Amendments. Senate Bill 211 (“SB 211”) <br />allowed redevelopment agencies to amend their redevelopment plans to eliminate the time limit <br />for incurring debt with respect to project areas formed before 1994, but required them to begin <br />sharing tax increment revenues pursuant to a statutory formula to the extent that revenues were <br />not already shared by a pre-existing tax sharing agreement. <br /> <br />Pursuant to Senate Bill 104 (“SB 1045”) in connection with the adoption of statutes <br />requiring an Educational Revenue Augmentation Fund (“ERAF”) shift for fiscal year 2003-04, <br />the State Legislature authorized the City Council to amend the Plaza Project Area <br />Redevelopment Plan to extend by one year the time limit of the effectiveness of the plan and the <br />time limit to repay indebtedness and receive tax increment. <br /> <br />In compliance with SB 211 and SB 1045, the City Council adopted an amendment of the <br />Plaza Project Area Redevelopment Plan for the Plaza Project Area pursuant to Ordinance No. <br />2003-019 on December 1, 2003. <br /> <br />SB 1096. Pursuant to Senate Bill 1096 (“SB 1096”) in connection with the adoption of <br />statutes requiring an ERAF shift for fiscal years 2004-05 and 2005-06, the State Legislature <br />authorized amendments of redevelopment plans to extend by one year for each ERAF shift the <br />time limit of the effectiveness of the plan and the time limit to repay indebtedness and receive <br />tax increment. <br /> <br />Pursuant to SB 1096, the Plaza Project Area Redevelopment Plan was further amended <br />pursuant to Ordinance No. 2005-009, adopted July 18, 2005. As the limit on the effectiveness of <br />the Plaza Project Area Redevelopment Plan was greater than twenty years at the time the <br />ERAF payments were made, the time limit of the effectiveness of the Plaza Project Area <br />Redevelopment Plan and the time limit to repay indebtedness and receive tax increment were <br />not effectively extended for the Plaza Project Area Redevelopment Plan. <br /> <br />AB 26. Pursuant to Assembly Bill 26 4x, the State Legislature authorized amendments <br />of redevelopment plans in connection with the payment of Supplemental Educational Revenue <br />Augmentation Fund (“SERAF”) shifts for fiscal years 2009-10 and 2010-11. <br /> <br />The Former Agency made a SERAF payment of $4,255,866 in fiscal year 2009-10 and a <br />SERAF payment of $876,208 in fiscal year 2010-11, but did not adopt any related amendments <br />to the Plaza Project Area Redevelopment Plan.