Laserfiche WebLink
<br />40 <br /> <br />Plan Limits for the Plaza Project Area. As amended, the Plaza Project Area <br />Redevelopment Plan includes the following limits: <br /> <br /> <br />Project Area <br />Component <br /> <br />Tax Increment <br />Limit <br />Tax Increment <br />Received thru <br />2012/13 <br /> <br />Limit on Total <br />Indebtedness <br /> <br />Plaza 1 $9,422,071 $8,449,968 Not Limited <br />Plaza 2 $87,500,000 (1) $50,622,063 $50,000,000 <br /> <br />________________________ (1) Applies to Plaza 2 Project Area and all sub-areas therein. <br /> <br />The Plaza Project Redevelopment Plan also contains limitations on the time for payment <br />of debt with tax increment. Since the Plaza Project Area is comprised of two formerly separate <br />project areas and various subareas created by amendments to the former redevelopment plans, <br />various limits apply to the Plaza Project Area subareas with respect to the final dates for <br />incurring new debt or repaying debt with tax increment. These are summarized as follows. <br /> <br /> <br /> <br />Project Area <br />Sub-Area <br /> <br /> <br />Plan <br />Expiration <br />Final Date to <br />Repay Debt <br />With Tax <br />Increment <br />Plaza 1 1/1/2009 12/28/2025(1) <br />Plaza 2 <br />Area 1 1/1/2009 1/1/2019 <br />Area 2 12/17/2019 12/17/2029 <br />Area 3 3/30/2021 3/30/2031 <br />Area 4 11/29/2022 11/29/2032 <br />Area 5 7/5/2028 7/5/2038 <br /> <br />________________________ <br />(1) Applies to debt incurred before January 1, 1994 only; final date to repay all other debt is December <br />28, 2025. <br /> <br />According to the records of the County Auditor-Controller, through fiscal year 2013-14, <br />the Successor Agency had received a cumulative total of $8,449,968 and $50,622,063 in tax <br />increment revenue with respect to the Plaza 1 Project Area and Plaza 2 Project Area, <br />respectively. Based on the Fiscal Consultant’s projection of property tax revenues to be <br />allocated to the Successor Agency with respect to the Plaza Project Area (which assume 2% <br />annual real property growth beginning in fiscal year 2015-16), the Successor Agency expects to <br />reach the tax increment limit with respect to the Plaza 1 Project Area in 2016-17 and the Plaza 2 <br />Project Area in fiscal year 2026-27, in each case prior to the final maturity date of the 2014 <br />Bonds. Should growth of taxable values exceed projections, such project areas will reach their <br />respective tax increment limits earlier. Once the limits on cumulative tax increment are reached, <br />the Project Areas may not receive additional tax increment revenue. <br /> <br />The DOF has expressed the opinion that the tax increment limits within former <br />redevelopment plans that had not been reached prior to redevelopment dissolution are <br />inconsistent with the purpose and intent of the Dissolution Act and, therefore, should no longer <br />apply. Although this opinion has no force of law, it is possible that the tax increment limits <br />contained in the Redevelopment Plans related to the Plaza Project Area may not be applied by <br />the County Auditor-Controller.