Amendment No. 5 to the Hanford Community Redeveloment Project ("the Project")

Amendment No. 5 to the Hanford Community Redeveloment Project ("the Project")

The Amendment will amend the Original Plan for the Project as follows: 1. Raises the current annual amount of tax increment allocated to the Agency from the territory previously added (the "Added Area") to the Hanford Community Redevelopment Project Area by Amendment No. 3 to the Original Plan, from $1,000,000 to $6,000,000, and the cumulative amount of tax increment which can be collected by the Agency from within the Added Area from $45,000,000 to $100,000,000; 2) Extends the time limit on the establishment of loans, advances, or indebtedness to finance in whole or in part, the Project from January 1, 2004 to January 1, 2014; 3) Reinstates the Agency's authority to exercise eminent domain proceedings to acquire properties on which no persons reside within the Project Area for twelve years; 4) Raises the current limit on the amount of bonded indebtedness that can be outstanding at any one time from the allocation of taxes to the Added Area, from $7,000,000 to $40,000,000; 5) Makes clarifications and modifications to the Original Plan including those as may be appropriate or necessary to ensure conformance with current redevelopment law.

Hanford

Kings