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the Agency staff anticipate new development with assumed roll value to be about $30 million from 2006-07 through 2017-18. TAX INCREMENT REVENUE PROJECTIONS TABLE C-1 ROUGH AND READY ISLAND REDEVELOPMENT PROJECT AREA Gross Tax Statutory Remainder to Agency Increment Payments Nonhousing Housing Total Revenue Totals $ 212,352,110 $ 72,292,533 $ 97,589,155 $42,470,422 $ 140,059,577 Source: RSG Projections Over the period during which the Agency may collect tax increment revenue, RSG estimates that the Agency could collect approximately $212 million in gross tax increment revenue from the Project Area. After deducting $72 million for certain statutory payments to affected taxing agencies (as explained in more detail in the next paragraph) $42 million would be deposited to the Agency's Housing Fund and $98 million would be available for other project, for a total of $140 million of tax increment revenue for Agency projects. The Agency would be required to share a portion (projected to be approximately $72 million) of its nonhousing tax increment with the affected taxing agencies pursuant to Section 33607.5 of the Redevelopment Law ("Statutory Payments"). These Statutory Payments would start in the first fiscal year the County Auditor-Controller certifies that the Project Area's annual tax increment revenues exceed $100,000 (projected to be in fiscal year 2006-07 in the accompanying forecast in Table C-1). Pursuant to Section 33607.5 of the Redevelopment Law, beginning in the first payment year, the Statutory Payments are equal to 25% of the Project's annual nonhousing tax increment revenue that exceeds amounts received in the year immediately before the County Auditor-Controller makes the certification described above. These Statutory Payments are subject to two subsequent increases. The first increase in Statutory Payments would take effect in the eleventh payment year (following County Auditor-Controller certification), when the Agency would be required to pay 21% of the incremental increase in nonhousing tax increment revenues exceeding amounts in the tenth payment year. Redevelopment Law further provides for a second increase in the Statutory Payments that commences in the thirty- first payment year (following County Auditor-Controller certification) of 14% of the incremental increase in nonhousing tax increment revenues in excess of the thirtieth year. In total, the Agency will share approximately 25% of its gross tax increment revenues with the affected taxing agencies. The actual amount of the Statutory Payments will vary based on the amount of tax increment revenues collected by the Agency each year. A forecast of ROSENOW SPEVACEK GROUP, INC. REDEVELOPMENT AGENCY OF THE CITY OF STOCKTON MAY 3, 2004 ROUGH AND READY ISLAND REDEVELOPMENT PROJECT - C-4 - PRELIMINARY REPORT