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Funds to Other Agencies in 2001-02 <br /> <br /> Other College <br /> $101,176 $116,098 <br /> <br /> Sequoia High <br /> $267,353 .C.Schools <br /> $404,628 <br /> <br />After the Redevelopment Agency was established these taxing entities continued to <br />receive the property tax they collected prior to redevelopment, inflated by up to 2% per <br />year allowed under Proposition 13. They also receive from the Redevelopment Agency <br />40% of the growth in the property tax (the tax 'increment') generated since the <br />Redevelopment Agency was established. The preceding pie chart shows how much they <br />actually received from Redevelopment in 2002-03. <br /> <br />Sequoia Station <br />Continuing ~)ayments prescribed under the Disposition and Development Agreement for <br />this project.' <br /> <br />Other Proposed Expenditures in 2002-03 <br /> <br />Housing Relocation <br />Relocation payments extend for 48 months under State law. These funds will be used to <br />continue payments to the residential tenants moved from the El CaminoNera site. <br /> <br />First Time Homebuyer Program ~ <br />Funds to continue the program in 2002-03. It is anticipated that this will fund five loans. <br /> <br />Home Improvement Loan Program <br />These funds will be used to cbmplemen~ th~ federal CDBG funds by financing such items <br />as lead paint removal that are not eligible federal expenses. <br /> <br />El Camino Housing <br />Funds to assist implementation of this housing development. The intention of the Agency <br />is that 45% of the units be offered for rental first to teachers and that all the units will be <br />affordable to Iow and moderate-income households. <br /> <br />3 These payments end in 2014 <br /> <br /> 8 <br /> <br /> <br />