AgdaPkt 2003-09-08 - Laserfiche WebLink

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Q-A -9-� that is under construction or planned in the Project Area. See "APPENDIX F - Fiscal Consultant's Report - Table 6" for a tabulation of the transfer; of ownership and new developments that have been included, which are further described below: Cinema & Retail Development: This development includes an 80,000 square foot cinema and 80,000 square feet of other types of retail uses. The transfer of land to the developer is also expected to trigger a reassessment of the land value, which is expected to occur on the 2004 -05 tax roll. Public off site improvements for the development are now underway. The private portions of the cinema project are expected to be under construction by the spring of 2004 and add taxable value to the fiscal year 2005 -06 and 2006 -07 tax rolls. Increases in real property values have been offset by the estimated impact of resolved and open assessment appeals. Appeals are estimated to reduce real property values by $24.5 million in 2004 -05. Tax Sharing Agreements Pursuant to former Section 33401 of the Redevelopment Law, the Agency has entered into certain tax sharing agreements with, or has waived a specified share of tax increment for, the certain taxing entities in the Project Area Some of the payments under certain tax sharing agreements are senior to debt service on the Bonds. A brief discussion of each agreement is provided under the caption "SECURITY FOR THE BONDS - Tax Sharing Agreements." Projected Tax Revenues The table below sets forth the projected taxable valuation and gross tax revenues for the Project Area through fiscal year 2031 -32. This projection has been prepared by the Fiscal Consultant and is based on 2% annual assessed valuation growth. The ultimate actual reductions to tax increment and Project Area taxable values may be higher or lower than what has been incorporated in the following projections. See Table 9 for a continuation of this table showing projections of the net tax revenues. -29-