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<br />41 <br /> <br />See APPENDIX H - “FISCAL CONSULTANT’S REPORT” for more detail about the tax <br />increment limits. <br /> <br />The Redevelopment Plan for the West San Leandro/MacArthur Boulevard Project Area <br /> <br />West San Leandro/MacArthur Boulevard Project Area Original Redevelopment <br />Plan. The City Council of the City adopted the Redevelopment Plan for the West San <br />Leandro/MacArthur Boulevard Project Area on July 19, 1999 pursuant to its Ordinance No. <br />99-025. As discussed above, shortly after formation of the West San Leandro/MacArthur <br />Boulevard Project Area, the Former Agency agreed to remove seventeen parcels from the initial <br />West San Leandro/MacArthur Boulevard Project Area in response to concerns raised by the <br />County. The Former Agency and the County signed a Memorandum of Understanding dated <br />November 30, 1999, which identified the seventeen parcels to be removed. Pursuant thereto, <br />the Former Agency amended the West San Leandro/MacArthur Boulevard Project Area <br />Redevelopment Plan and removed the parcels pursuant to Ordinance 2000-014 dated June 26, <br />2000. The County Auditor-Controller subsequently removed the parcels from both the base <br />year assessed valuation and the annual tax increment. <br /> <br />AB 1290. The West San Leandro/MacArthur Boulevard Project Area was established <br />after the effective date of AB1290 and as such, the West San Leandro/MacArthur Boulevard <br />Project Area Redevelopment Plan does not contain a “cap” or dollar limit on the amount of tax <br />increment that can be collected thereunder. Instead, the Successor Agency is required to make <br />statutory pass-through payments and the West San Leandro/MacArthur Boulevard Project Area <br />Redevelopment Plan contains a statutory time limit on the receipt of tax increment and <br />repayment of indebtedness of 45 years after the date of plan adoption. This limit was extended <br />by one year to July 19, 2045 as a result of a state-mandated payment to the ERAF fund. The <br />West San Leandro/MacArthur Boulevard Project Area Redevelopment Plan includes a limitation <br />of $750 million on the amount of indebtedness that may be outstanding at any time. <br />Redevelopment activity can occur for thirty years, until July 19, 2029. <br /> <br />SB 1045 Amendments. Pursuant to SB 1045, the City Council further amended the <br />West San Leandro/MacArthur Boulevard Project Area Redevelopment Plan by Ordinance No. <br />2003-020, which it adopted on December 15, 2003. <br /> <br />Plan Limits for the West San Leandro/MacArthur Boulevard Project Area. As <br />amended, the West San Leandro/MacArthur Boulevard Project Area Redevelopment Plan <br />includes the following limits: <br /> <br />Limitation Detail <br />Plan Life: July 19, 2045 <br /> <br />Final Date to Collect Tax Increment and Repay Debt: July 19, 2045 <br /> <br />Limit on Outstanding Bonded Indebtedness: $750 million <br /> <br />As noted above, the DOF has expressed the opinion that the tax increment limits within <br />former 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 West San Leandro/MacArthur Boulevard Project Area Redevelopment Plan <br />may not be applied by the County Auditor-Controller.