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TABLE 3 <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD MY <br />Redevelopment Project Ana No. 2 <br />Land Use Summary — Fiscal Year 2003-04 <br />Land Use <br />No. of Parcels Taxable Value <br />Percent of Total <br />Residential <br />717 $255,779,592 <br />20.58% <br />Commercial <br />395 400,358,913 <br />32.21 <br />Industrial <br />114 250,187,664 <br />20.13 <br />Vacant Land <br />51 72,277,625 <br />5.82 <br />Other <br />116 64.567.446 <br />5.20 <br />Total Secured <br />1,393 $1,043,171,240 <br />83.93 <br />Unsecured /State <br />Assessed <br />199.696.950 <br />16_07 <br />Total <br />$1,242,868,190 <br />100.00% <br />Source: Fraser & Associates <br />Among the changes to the Redevelopment Law accomplished by the enactment of AB <br />1290 was a provision which limits the period of time for incurring and repaying loans, advances <br />and indebtedness which are payable from tax increment revenues. In general and subject to <br />shorter limitations which may be contained in a redevelopment plan, loans, advances and <br />indebtedness may be incurred within the later of January 1, 2004 or 20 years from the date of <br />original adoption of the redevelopment plan, a redevelopment plan must terminate not later <br />than January 1. 2009 or 40 years following the date of original adoption of the redevelopment <br />plan, and loans, advances and indebtedness must be repaid during a period extending not more <br />than 10 years following the date of termination of the redevelopment plan. AB 1290 further <br />required that any redevelopment plan that either did not contain the appropriate limitations or <br />that contained limitations longer than permitted by AB 1290 must be amended by the <br />applicable legislative body. Accordingly, in response to the requirements of AB 1290, the City <br />Council of the City adopted Ordinance No. 2085 in 1994, which provides limits as described <br />below. <br />-20- <br />