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SB 211 also prescribes additional requirements that a redevelopment agency would have <br />to meet upon extending the time limit on the effectiveness of a redevelopment plan, including <br />requiring an increased percentage of new and substantially rehabilitated dwelling units to be <br />available at affo dable housing cost to persons and families of low or moderate income prior to <br />the termination of the effectiveness of the plan. <br />The Agency currently has no expectation to amend the limitations contained in the <br />Redevelopment Plan pursuant to the authorizations contained in SB 211. However, any such <br />amendment, if and when adopted, will trigger statutory tax sharing requirements with those <br />taxing entities that do not have tax sharing agreements with the Agency. Statutory tax sharing <br />is calculated based on the increase in assessed valuation after the year in which the limitation <br />becomes effective. <br />Outstanding Indebtedness of the Project Area <br />Bonded Debt. Upon issuance of the Bonds, the Bonds and the 1997 Bonds will <br />constitute the only outstanding bonded indebtedness of the Redevelopment Project payable <br />from Tax Revenues. <br />Developer Payment The Agency entered into a development agreement with Sequoia <br />Developers as part of the Sequoia Station development. The agreement calls for payments of <br />$300,000 per year to be paid from the net tax increment and sales tax generated from the site. <br />The Agency and City subsequently agreed that the full $300,000 payment would be made from <br />tax increment from the Project Area. The obligation is scheduled to be fully repaid in fiscal year <br />2008 -09. [[[Add re subordination ?...]]] <br />Within the Project Area, the following are the largest property taxpayers. Based on <br />fiscal year 2003 -04 taxable value valuations, the ten largest taxpayers represent approximately <br />36% of the total project area taxable value. <br />-22- <br />