of- 011./ NEW ISSUE - BOOK-ENTRY ONLY INSURED Ratings TAXABLE(FEDERAL) S&P,AA TAX-EXEMPT (STATE OF CALIFORNIA) Fitch: AA See "Ratings" herein. In the opinion of Rubinson & Pearman LLP, Bond Counsel, under existing law, interest on the Series O Bonds is exempt from personal income taxes of the State of California. Bond Counsel expresses no opinion as to the exclusion from gross income for federal incorne tax purposes of interest on the Series O Bonds or regarding any other federal tax consequence relating tu the accrual or receipt of interest on the Series O Bonds. See "TAX MATTERS" herein. COMMUNITY REDEVELOPMENT FINANCING AUTHORITY OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CALIFORNIA $8,000,000 POOLED FINANCING BONDS, SERIES O (TAXABLE) (Broadway/Manchester, Crenshaw/Slauson, Laurel Canyon and Watts Project Areas) Dated: Date of Delivery Due: September 1, as shown on the inside cover hereof The Pooled Financing Bonds, Series O (Taxable) (Broadway/Manchester, Crenshaw/Slauson, Laurel Canyon and Watts Project Areas) (herein referred to as the "Bonds" or "Series O Bonds") will be issued by the Community Redevelopment Financing Authority of The Community Redevelopment Agency of the City of Los Angeles, California (the "Authority"). The Bonds are being issued pursuant to an Indenture (as hereinafter defined, the "Indenture"), dated as of June 1, 2007, by and between the Authority and U.S. Bank National Association, Los Angeles, California, as trustee (the "Trustee"). The proceeds of sale of the Bonds will be used by the Authority to make loans to the Agency pursuant to four separate loan agreements, one for each of the following four project areas, in the following amounts (i) the Broadway/Manchester Recovery Redevelopment Project, in the amount of $1,500,000; (ii) the Crenshaw/ 1 Slauson Recovery Redevelopment Project, in the amount of $:1,000,000; (iii) Earthquake Disaster Assistance Project for the Laurel Canyon Commercial Corridor, in the amount of $2,000,000; and (iv) the Watts Redevelopment Project No. 1, in the amount of $1,500,000 (as further defined herein, collectively the "Loans" and "Loan Agreements"). The proceeds of the Loans will be used by the Agency to finance and refinance improvements within the respective Project Areas named above (each, a "Project Area" and together, the "Project Areas"), to fund separate Reserve Accounts for the Loans of each Project Area and to pay the costs of issuance of the Bonds and the Loans. The Bonds will be issued in book-entry only form and will be initially registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York ("DTC"). Purchases of beneficial interests in the Bonds will be made in book-entry form only in denominations of$5,000 and any integral multiple thereof. Purchasers of beneficial interests will not receive certificates from the Authority or the Trustee (defined below) representing their interests in the Bonds ..Payments of principal and interest on the Bonds will be made directly to OTC or its nominee, Cede & Co., so long as D'l'C or Cede & Co. is the registered owner of the Bonds. Upon receipt of payments of such principal and interest, OTC is oblig11ted to remit such principal and interest to the participants in OTC for subsequent disbursement to the beneficial owners of the Bonds. See "THE BONDS- OTC and the Book-Entry Only System" herein. Interest on the Bonds will be payable on March 1 and September 1 of each year (the "Interest Payment Dates"), commencing March 1, 2008. Principal and redemption premiums, if any, on the Bonds shall be payable upon the surrender thereof at maturity or the earlier redemption thereof at the principal corporate trust office of the Trustee and shall be paid in lawful money of the United States of America. See "THE BONDS" herein. The Bonds are subject to optional and mandatory redemption prior to their respective stated maturity dates as described herein. The Bonds are payable from and secured by a pledge of and first lien on the Revenues, comprised of all principal, interest and redemption premiums, if any, paid by the Agency under the Loan A!:,'Teements (as defined herein) to the Trustee, and moneys and investment earnings thereon held by the Trustee in certain funds and accounts under the Indenture. Each Loan is payable from and secured by a pledge of and first lien on the Pledged Tax Revenues of the applicable Project Area, which consist of a portion of all taxes levied upon all taxable property and allocated to the Agency from said Project Area, and are payable from certain specified funds and accounts held under the applicable Loan Agreement. Each Loan is payable from the pledged Tax Revenues of the applicable Project Area on a parity with any outstanding Parity Debt of the Agency for the Project Area and any Parity Debt subsequently issued by the Agency for said Project Area. Each Loan is separately issued and separately secured under its related Loan Agreement which pertains exclusively to the Loan of said Project Area (each, a "Loan Agreement"), and the related Tax Revenues (as hereinafter defined). See "SECURITY FOR THE BONDS" herein. The Bonds are payable solely from the Revenues and other funds as provided in the Indenture. The Authority is not liable, and the credit of the Authority is not pledged, for the payment of the interest and premiums (if any) on or principal of the Bonds. The Owners of the Bonds shall never have the right to compel the forfeiture of any property of the Authority except the Revenues and other funds pledged to the payment of the Bonds as provided in the Indenture. The principal of and interest on the Bonds, and any premiums upon the redemption of any thereof, shall not be a legal or equitable pledge, charge. lien or encumbrance upon any property of the Authority or upon any of its income, receipts or revenues except the Revenues and other funds pledged to the payment thereof as provided in the Indenture. The Loans are limited obligations of the Agency payable, as to interest thereon and principal thereof, from the Pledged Tax Revenues of the applicable Project Area, and the Agency is not obligated to pay the principal and interest thereon except from the Pledged Tax Revenues of the applicable Project Area. The Loans are not a debt of the City of Los Angeles, the State of California or any of its political subdivisions, and neither said City, said State nor any of its political subdivisions (other than the Agency, to the extent set forth herein) is liable therefor, nor in any event shall the Loans be payable out of any funds or properties other than those of the Agency to the extent set forth herein. The Loans do not constitute an indebtedness within the meaning of any constitutional or statutory limitation or restriction, and neither the members of the Agency nor any persons executing the Loans are liable personally on the Loans by reason of their issuance. Payment of principal of and interest on the Bonds will be insured in accordance with the terms of a Financial Guaranty Insurance Policy to be issued simultaneously with the delivery of the Bonds by RADIAN ASSET ASSURANCE INC. See "FINANCIAL GUARANTY INSURANCE" and APPENDIX G-"SPECIMEN RADIAN FINANCIAL GUARANTY INSURANCE POLICY" herein.

Radian A"et Asmrance Inc ~1\ D 1,1\ N This cover page of the Official Statement contains information for quick reference only. It is not a complete summary of the Bonds. Investors should read the entire Official Statement to obtain information essential to the making of an informed investment decision. Attention is hereby directed to certain Risk Factors more fully described herein. The Bonds are offered when, as and if issued and accepted by the Underwriters, subject to the approval a.<1 to validity of Robinson & Pearman LLP, Los Angeles, California, Bond Counsel. Certain legal matters will be passed un for the Authority and the Agency by Rock a rd J. Delgadillo, City Attorniry of the City of Los Angeles, California, and by The Law O{fi.ces of Elizabeth C. Green, Los Angeles, California, Disclosure Counsel. It is anticipated that the Bonds will be available for defivery in definitive form on ur about June 28, 2007. First Albany Capital Inc. Backstrom McCarley Berry & Co., LLC Dated: June 19, 2007. • ' # '1 •

I', _,11 •

[THIS PAGE INTENTIONALLY LEFT BLANK]

- Rulemaking Board (and with the appropriate State information depository, if any). A form of the Continuing Disclosure Agreement for the Bonds is set forth in APPENDIX D hereto.

The Authority and the Agency will enter into the Continuing Disclosure Agreement in order to assist the Underwriters in complying with Securities and Exchange Commission Rule 15c2-12(b)(5). The Authority and the Agency have never failed to comply, in all material respects, with an undertaking pursuant to said Rule to provide annual reports or notices of material events.

Further Information

This Official Statement speaks only as of its date and the information contained herein is subject to change.

The Bonds will be payable from the Revenues, derived from the Pledged Tax Revenues of the respective Project Area and from certain limited funds held by the Trustee under the Indenture. The Crenshaw/Slauson Loan and the Laurel Canyon Loan are each payable from their respective Pledged Tax Revenues on a parity with certain outstanding Parity Debt for those Project Areas (as further defined herein, the "Outstanding Parity Debt") See "SECURITY FOR THE BONDS-Outstanding Parity Debt" herein. See "SECURITY FOR THE BONDS" herein for a discussion of the sources of funds available for payment of principal of and interest on the Bonds. For additional information regarding the provisions of the California Constitution and the Redevelopment Law relating to the financing of redevelopment projects through the issuance of tax allocation bonds and certain limitations relating thereto, sec "LIMITATIONS ON TAX REVENUES" herein. For certain financial and other information relating to the respective Project Areas, see the sections herein titled "BROADWAY/MANCHESTER RECOVERY REDEVELOPMENT PROJECT," "CRENSHAW/SLAUSON RECOVERY REDEVELOPMENT PROJECT," "DISASTER ASSISTANCE PROJECT FOR THE LAUREL CANYON COMMERCIAL CORRIDOR" and "WATTS REDEVELOPMENT PROJECT NO. I" herein. For certain risk factors and other factors that should be taken into . consideration in connection with an investment in the Bonds, see "RlSK FACTORS" herein. See "THE BONDS" herein for a description of the terms of the Bonds.

Brief descriptions of the Bonds, the Indenture, the Agency, the Loans, the Loan Agreements, the Continuing Disclosure Agreement and the Project Areas are included in this Official Statement. The terms of the several Loan Agreements are substantially similar. The summary descriptions herein do not purport to be comprehensive or definitive and is subject to all of the terms and provisions of each respective Loan Agreement, as applicable, in its entirety, to which reference is made for the detailed provisions thereof. All references herein to the Act, the Redevelopment Law, the Constitution and the laws of the State, the proceedings of the Authority, the Agency and the City, the Continuing Disclosure Agreement, the Indenture and the Loan Agreements are qualified in their entirety by reference to each such document. All capitalized terms used in this Official Statement and not otherwise defined herein have the same meanings as in the Indenture and the Loan Agreements. See APPENDIX B - "SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE AND LOAN AGREEMENTS - Definitions" herein.

THE BONDS

Description of the Bonds

The Bonds will be issued ·in the principal amounts, will be dated and will bear interest at the respective rates and will mature on the dates and in the amounts set forth on the inside cover page of this Official Statement. Interest on the Bonds is payable semiannually commencing on March I, 2008 and on each March I and September I thereafter. Interest on the Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued as fully registered bonds, and when issued, will be registered in the name of Cede & Co., as nominee of OTC, as securities depository for the Bonds. Individual purchases of the Bonds will be made in book­ entry form only, in denominations of $5,000 or any integral multiple thereof. Principal and interest are payable by the Trustee to OTC, which. is obligated in turn to remit such principal and interest to OTC Participants for subsequent disbursement to Beneficial Owners of the Bonds, as described in "-OTC and the Book-Entry Only System" below and in APPENDIX F-"DTC AND THE BOOK-ENTRY ONLY SYSTEM."

5 The Term Bonds maturing on 2017, 2027, and 2037, respectively, are herein referred to as the "Term Bonds."

Redemption Provisions

Optional Redemption from Optional Loan Prepayments. Bonds maturing on or before September I, 2017 are not subject to redemption prior to their maturity. The Bonds maturing on or after September l, 2018 shall be subject to optional redemption prior to their respective maturity dates as a whole, or in part by lot, by such maturity or maturities as shall be directed by the Agency ( or in the absence of such direction, pro rata by maturity and by lot within a maturity), from prepayments of the Loans made at the option of the Agency pursuant to the Loan Agreements, subject to applicable notice provisions described herein, on any date on or after September l, 2017 with respect to which such prepayment of the Loans shall have been made, at I 00% of the principal amount of the Bonds to be redeemed, together with accrued interest thereon, without premium.

Mandatory Sinking Fund Redemption. The Term Bonds maturing on September I, 2017 are subject to mandatory sinking fund redemption in part, by lot (as determined by the Trustee), at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest thereon to the date ofredemption, without premium, in the aggregate respective principal amounts and in the respective years as set forth in the following table:

Sinking Account Principal Amount Redemption Date to Be Redeemed or (September I) Purchased 2008 $65,000 2009 130,000 2010 140,000 201 l 150,000 2012 160,000 2013 170,000 2014 180,000 2015 195,000 2016 200,000 2017 (maturity) 215,000

The Term Bonds maturing on September I, 2027 are subject to mandatory sinking fund redemption in part, by lot (as determined by the Trustee), at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest thereon to the date of redemption, without premium, in the aggregate respective principal amounts and in the respective years as set forth in the following table:

Sinking Account Principal Amount Redemption Date to Be Redeemed or (September I) Purchased 2018 $240,000 2019 250,000 2020 265,000 2021 285,000 2022 140,000 2023 145,000 2024 155,000 2025 165,000 2026 170,000 2027 (maturity) 185,000

The Term Bonds maturing on September I, 2037 arc subject to mandatory sinking fund redemption in part, by lot (as determined by the Trustee), at a redemption price equal to the principal amount thereof to be redeemed,

6 plus accrued interest thereon to the date of redemption, without premium, in the aggregate respective principal amounts and in the respective years as set forth in the following table: Sinking Account Principal Amount Redemption Date to Be Redeemed or (September I) Purchased 2028 $190,000 2029 210,000 2030 220,000 2031 360,000 2032 390,000 2033 530,000 2034 565,000 2035 605,000 2036 640,000 2037 (maturity) 685,000

If less than all of the Term Bonds of a particular maturity have been redeemed pursuant to the Indenture or purchased and tendered to the Trustee for cancellation pursuant to the. Indenture ( other than in connection with making a particular sinking fund payment), the total amount of all sinking fund redemptions shall be reduced by the aggregate principal amount of such Term Bonds so redeemed or tendered and cancelled, to be allocated among such sinking fund payments as shall be designated by the Authority in writing, or, if not so designated, pro rata among such sinking fund payments.

Selection of Bonds for Redemption. Except as otherwise provided in the Indenture, whenever any Bonds or portions thereof are to be selected for redemption by lot, the Trustee shall make such selection and shall notify the Agency thereof. In the event of redemption by lot of Bonds, the Trustee shall assign to each Bond then Outstanding a distinctive number for each $5,000 of principal amount of each such Bond. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected, but only so much of the principal amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected.

Notice of Redemption. The Trustee on behalf and at the expense of the Authority shall mail (by first-class mail) notice of any redemption in the form and manner specified in the Indenture to the respective Owners of any Bonds designated for redemption at their respective addresses appearing on the Registration Books, and to the Securities Depositories and to one or more Information Services, at least 30 days but not more than 60 days prior to the date fixed for redemption; provided, however, that neither failure to receive any such notice so mailed nor any defect therein shall affect the validity of the proceedings for the redemption of such Bonds or the cessation of the accrual of interest thereon. Neither the Authority nor the Trustee shall have any responsibility for any defect in the CUSIP number that appears on any Bond or in any redemption notice with respect thereto, and any such redemption notice may contain a statement to the effect that CUSIP numbers have been assigned by an independent service for convenience of reference and that neither the Authority nor the Trustee shall be liable for any inaccuracy in such numbers.

The Authority shall have the right to rescind any optional redemption by written notice to the Trustee on or prior to the date fixed for redemption. Any notice of optional redemption shall be cancelled and annulled if for any reason funds are not available on the date fixed for redemption for the payment in full of the Bonds then called for redemption, and such cancellation shall not constitute an Event of Default hereunder. The Trustee shall mail notice of rescission ofredemption in the same manner notice ofredemption was originally provided.

The Trustee is authorized and directed to mail notice of redemption of Bonds pursuant to the Indenture upon receiving notification from the Agency of its intention to prepay one or more Loans pursuant to the Loan Agreements.

7 Effect of Redemption. From and after the date fixed for redemption, if funds available for the payment of the principal of, and interest and premium, if any, on the Bonds so called for redemption shall have been duly provided, such Bonds so called shall cease to be entitled to any benefit under the Indenture other than the right to receive payment of the redemption price, and no interest shall accme thereon from and after the redemption date specified in such notice.

The defeasance of any Authority Bond may result in a reissuance thereof, in which event a holder will recognize taxable gain or loss equal to the difference between the amount realized from the sale, exchange or retirement (less any accmed qualified stated interest which will be taxable as such) and the holder's adjusted tax basis in the Authority Bond.

Outstanding Parity Debt-Laurel Canyon and Crenshaw/Slauson Project Areas

The Agency has previously issued the "Outstanding Parity Debt" with respect to the Crenshaw-Slauson Project and the Laurel Canyon Project secured by and payable from the Tax Revenues of the respective Project Area on a parity with the payments to be made by the Agency to the Authority with respect to principal of and interest on the Loan of each such Project Area.

' Crenshaw-Slauson Parity Debt. The Agency has previously executed and delivered its Loan Agreement, dated as of June 1, 2002 (the "Series 'A Loan" and "Series A Loan Agreement") by and among the Agency, the Authority and the Trustee, under which Series A Loan Agreement, the Authority loaned the Agency $ \, 135,000 to finance various redevelopment activities of the Agency within and of benefit to the Crenshaw/Slauson Project and the Authority obtained the funds to make the Series A Loan by issuing its Pooled Financing Bonds, Series H - Taxable (the "Authority Series H Bonds"). The Series A Loan, which is currently outstanding in the aggregate principal amount of $1,095,000 as of June I, 2007, constitutes Parity Debt payable from the Pledged Tax Revenues of the Crenshaw/Slauson Project on a parity with the Crenshaw/Slauson Loan.

Laurel Canyon Parity Debt. The Agency has previously executed and delivered its Loan Agreement, dated as of September I, 2003 (the "Laurel Canyon Series B Loan Agreement") by and among the Agency, the Authority and the Trustee, under which Series B Loan Agreement, the Authority loaned the Agency $2,760,000 (the "Laurel Canyon Series B Loan") to refund and dcfease certain outstanding indebtedness of the Project Area and to finance various additional redevelopment activities of the Agency within and of benefit to the Laurel Canyon Project and the Authority obtained funds to make the Laurel Canyon Series B Loan by issuing its Pooled Financing Bonds, Series K - Taxable (the "Authority Series K Bonds"). The Laurel Canyon Series B Loan, which is currently outstanding in the aggregate principal amount of $2,655,000 as of June 1, 2007, constitutes Parity Debt payable from the Pledged Tax Revenues of the Laurel Canyon Project on a parity with the Laurel Canyon Loan.

Broadway/Manchester Parity Debt and Watts Parity Debt. The Agency has not previously issued bonds, loans and other obligations or evidences of indebtedness with respect to the Broadway/Manchestcr_Project and the Watts Project secured by and payable from the Tax Revenues of the respective Project Area on a parity or senior basis to the Broadway/Manchester Loan and Watts Loan, respectively.

The Agency is authorized, upon compliance with certain conditions, to issue additional bonds and other indebtedness payable from the Tax Revenues of each of the respective Project Area on a parity with or subordinate to the respective Loan and Outstanding Parity Debt of the Project Area. See "THE BONDS-Issuance of Parity Debt and Other Obligations" herein. -

DTC and the Book-Entry Only System

The Bonds will initially be registered in the registration books kept by the Trustee in the name of a nominee of OTC as securities depository for the Bonds as described in APPENDIX F- "DTC AND THE BOOK-ENTRY ONLY SYSTEM." Beneficial interests in the Bonds may be purchased in book-entry form only. The principal of and interest on the Bonds will be paid as described in APPENDIX F- "OTC AND THE BOOK-ENTRY ONLY SYSTEM." Beneficial ownership in the Bonds may be acquired or transferred only through book entries made on the records of DTC and its Participants.

8 The Agency may decide to discontinue use of the system of book-entry transfers through OTC ( or successor securities depository). In that event, Authority Bond certificates will be prepared and delivered as described in the Indenture, and principal of and interest on the Bonds will b.e paid and transfer and exchange of Bonds, delivery of notices to Bondholders, and other related matters will be handled as provided in the Indenture.

SOURCES AND USES OF FUNDS

Plan of Financing

The Bonds are being issued for the purpose of providing funds for the Authority to make the Loans as contemplated by the Indenture and the Loan Agreements.

The Loans are being made for the purpose of financing redevelopment activities located in, or of benefit to, the Project Areas, including the expenditure of a portion of the proceeds of the Loans on projects satisfying the Agency's low and moderate income housing obligations under the Redevelopment Law and the Redevelopment Plan for the respective Project Area. Each Redevelopment Plan for the respective Project Area requires that not less than 20% of the proceeds of the related Loan be spent on projects satisfying the Agency's low and moderate income housing obligations under the Redevelopment Law and. the Redevelopment Plan. See "BROADWAY/MANCHESTER RECOVERY REDEVELOPMENT PROJECT- Development Within the Project Area," "CRENSHAW/SLAUSON RECOVERY REDEVELOPMENT PROJECT- Development Within the Project Area," "DISASTER ASSISTANCE PROJECT FOR LAUREL CANYON COMMERCIAL CORRIDOR- Development Within the Project Area" and "WATTS REDEVELOPMENT PROJECT NO. \­ Development Within the Project Area."

The estimated sources and uses of funds for the Bonds are summarized as follows:

Sources and Uses of Funds- Series O Bonds

Sources:

Principal Amount of Bonds ...... $8,000,000.00 Less: Original Issue Discount ...... 40,271.20 Less: Underwriters' Discount ...... 42,000.00 TOTAL SOURCES ...... $7.917.728.80

Broadway/Manchester Net Loan Proceeds...... $1,484,106.20 Crenshaw/Slauson Net Loan Proceeds ...... 2,967,294.20 Laurel Canyon Net Loan Proceeds ...... l,977,492.40 Walts Net Loan Proceeds ...... 1,488,836.00 Total Deposit to Agency Redevelopment Fund ...... $7,9 l 7, 728.80

TOTAL USES ...... $7917 72~

9 Sources and Uses of Funds- Project Loans

The following arc the estimated sources and uses of funds in connection with the Loans:

Broadway/Manchester Crenshaw/Slauson Laurel Canyon Agency Loan Loan Loan Watts Loan Loans Total

Sources of Runds Principal Amount $1,500,000.00 $3,000,000.00 $2,000,000.00 $1,500,000.00 $8,000,000.00 Original Issl1e Discount (8,018.80) ( 16,955.80) ( 12,007.60) (3,289.00) 40,271.20 Underwriters' Discount (7,875.00) (15,750.00) (1050000) (7,875.00) 42 000.00 TOTAL SOURCES OF FUNDS $ I 484,JJ!(i,2ll $2,9.6.7.22.4,2J! $ I 977 492AJl $JA88,836 oo $],9J.7,728.8Q

Uses of Funds Deposit to Project Redevelopment Fund . $1,291,157.45 $2,471,427.76 $1,601,005.12 $1,259,228.43 $6,622,818. 76 Deposit to Project Reserve Account 119,767.50 345,273.00 272,967.00 169,489.50 907,497.00 Allocation/Deposit to Costs of Issuance Fund* 73 181.25 150 593.44 103 520.28 60 118.07 387 413.04 TOTAL VsES OF FUNDS $__1_,4R4, JiJti.20 $2 962,™21) $J.211,422-4Q $1.,488,ltlliJl.Q $2 212 228 80

* Costs of issuance of the Bonds will be allocated pro rata to the Costs of Issuance Funds established for each of the Loans. Includes underwriters' discount, fees for services of rating agencies, Fiscal Consultant and Disclosure Counsel, costs of the Agency, the premium . for the Financial Guaranty Insurance Policy, printing costs and other miscellaneous costs associated wilh the issuance of the Bonds.

DEBT SERVICE SCHEDULES-SERIES O BONDS AND PROJECT AREA LOANS

Set forth below are debt service schedules with respect to the Bonds and the Loans of each Project Area. The Bonds are payable from the Revenues, which will be comprised of the aggregate of the scheduled payments to be made by the Agency of principal and interest with respect to the Loans of each Project Area. The scheduled debt service payments on the Loans of each Project Area will be made by the Agency from Tax Revenues to be received by the Agency from the respective Project Area. Debt service payments made by the Agency on the Loans pursuant to the Loan Agreements will be made to the Trustee and the Trustee is obligated under the Indenture to apply those payments to make principal and interest payments on the Bonds. The Agency has previously issued the Outstanding Parity Debt with respect to the Crenshaw-Slauson Project and the Laurel Canyon Project secured by and payable from the Tax Revenues of the respective Project Area on a parity with the payments to be made by the Agency to the Authority with respect to principal of and interest on the Loan of each such Project Area. See "­ Estimated Net Tax Increment Revenues and Debt Service Coverage-Loan and Outstanding Parity Debt" below and APPENDIX A-"FISCAL CONSULTANT'S REPORT" for a discussion of projected Tax Revenues of each of the Project Areas.

10 $8,000,000 POOLED FINANCING BONDS, SERIES O (TAXABLE) (Broadway/Manchester, Crenshaw/Slauson, Laurel Canyon and Watts Project Areas) De_bt Service Schedule-Part 1 of 2

Total Principal Date Principal Interest Rate Interest and Interest

0310112008 $348,194.71 $348,194.71 09101/2008 $65,000.00 5.940% 257,922,00 322,922.00 03101/2009 255,991.50 255,991.50 09101/2009 130,000.00 5.940% 255,991.50 385,991.50 0310112010 252.130.50 252,130.50 09101/2010 140,000.00 5.940o/o 252.130.50 392,130.50 03/0112011 247,972.50 247,972.50 09/01/2011 150,000.00 5.940% 247,97i.50 397,972.50 0310112012 243.517.50 243,517.50 09101/2012 160,000.00 5.940o/o 243,517.50 403,517.50 0310112013 238,765.50 238,765.50 09101/2013 170,000.00 5.940% 238,765.50 408,765.50 03101/2014 233.716.50 233,716.50 0910112014 180,000.00 5.940% 233,716.50 413,716.50 03101/2015 228,370.50 228,370.50 09/01/2015 195,000.00 5.940o/o 228,370.50 423,370.50 03/01/2016 222.579.00 222,579.00 0910112016 200,000.00 5.940% 222,579.00 422,579.00 03101/2017 216,639.00 216,639.00 09/01/2017 215,000.00 5.940% 216,639.00 431,639.00 03/01/2018 210.253.50 210,253.50 09101120!8 240,000.00 6J90'Yo 2!0.253.50 450.253.50 03/0112019 202,585.50 202,585.50 09/01/2019 250.000.00 6.390% 202,585.50 452,585.50 03/01/2020 194,598.00 194.598.00 09/01/2020 265,000.00 6.390% 194.598.00 459,598.00 03/01/2021 186,131.25 186,131.25 09/01/2021 285,000.00 6.390o/o 186,131.25 471.131.25 03/0112022 177,025.50 177,025.50 09/01/2022 140.000.00 6.390% 177.025.50 317,025.50 03/01/2023 172,552.50 172,552.50 09/0112023 145.000.00 6.390% 172,552.50 317,552.50 03/0112024 167,919.75 167,919.75 09/01/2024 155,000 00 6.390o/o 167,919.75 322,919.75 03101/2025 162,967.50 162,967.50 09/01/2025 165.000.00 6.390% 162,967.50 327,967.50 03101/2026 157,695.75 157,695.75 09101/2026 170,000.00 6.390o/o 157,695.75 327,695.75 03/01/2027 152.264.25 152,264.25 09/01/2027 185.000.00 6.390% 152.264.25 337,264.25 0310112028 146,353.50 146,353.50 0910112028 190.000.00 6.660'% 146,353.50 336,353.50 03/01/2029 140,026.50 140,026.50

(Continued on next page)

11 $8,000,000 POOLED FINANCING BONDS, SERIES O (TAXABLE) (Broadway/Manchester, Crenshaw/Slauson, Laurel Canyon and Watts Project Ar~as) Debt Service Schedule----Part 2 of 2

Interest Total Principal Date Principal Rate Interest and Interest

09/01/2029 210,000.00 6.660o/o 140,026.50 350,026.50 03/0112030 133,033.50 133,033.50 09/0112030 220,000.00 6.660% 133,033.50 353,033.50 03/01/2031 125,707.50 125,707.50 09/01/2031 360,000.00 6.660% )25,707.50 485,707.50 03101/2032 113,719.50 113.719.50 0910112032 390,000.00 6.660% 113,719.50 503,719.50 0310112033 100,732.50 100,732.50 09/0112033 530,000.00 6.660% 100,732.50 630,732.50 0310112034 83,083.50 83,083.50 0910112034 565,000.00 6.660% 83,083.50 648,083.50 03/0112035 64,269.00 64,269.00 0910112035 605.000.00 6.660% 64,269.00 669.269.00 03/0112036 44,122.50 44,122.50 09/0112036 640,000.00 6.660% 44,122.50 684,122.50 03/0112037 22,810.50 22,810.50 09/0112037 685,000.00 6.660% 22,810.50 707,810.50

Total $8,000,000.00 $!0,401,185.71 $18,401,185.71

(Remainder of this page intentionally left blank)

12 $1,500,000 The Community Redevelopment Agency of the City of Los Angeles, California, Broadway/Manchester Recovery Redevelopment Project, Loan Agreement, Series A- Taxable

Debt Service Schedule Part I of2

Total Principal and Date Princieal Interest Rate Interest Interest

0310112008 $65,543.18 $65,543.18 09/01/2008 48,550.50 48.550.50 03/0l /2009 48,550.50 48,550.50 09/01/2009 $20,000.00 5.940% 48,550.50 68,550.50 03/01/2010 47,956.50 47,956.50 09/01/2010 20,000.00 5.940o/o 47,956.50 67,956.50 03101/201 I 47,362.50 47,362.50 09/01/2011 20,000.00 5.940% 47,362.50 67,362.50 03/01/2012 46,768.50 46,768.50 09/01/2012 25,000.00 5.940o/o 46,768.50 71,768.50 03101/2013 46.026.00 46,026.00 09/0l /2013 25,000.00 5.940% 46,026.00 71,026.00 03101/2014 45,283.50 45,283.50 09/01/2014 25,000.00 5.940o/o 45,283.50 70,283.50 03/01/2015 44,541.00 44,541.00 09/01/2015 25,000.00 5.940% 44,541.00 69,541.00 03/01/2016 43,798.50 43,798.50 09/01/2016 30,000.00 5.940o/o 43,798.50 73,798.50 03101/2017 42,907.50 '42,907.50 09/0112017 30,000.00 5.940o/o 42,907.50 72,907.50 03/01/2018 42,016.50 42,016.50 09/01/2018 35,000.00 6.390o/o 42,016.50 77,016.50 03/01/2019 40,898.25 40,898.25 09/0112019 35,000.00 6.390% 40,898.25 75,898.25 03/01/2020 39,780.00 39,780.00 09/01/2020 35,000.00 6.390o/o 39,780.00 74,780.00 03/0l /2021 38,661.75 38,661.75 09/01/2021 40,000.00 6.390% 38,661.75 78,661.75 03/01/2022 37,383.75 37,383.75 09/01/2022 45,000.00 6.390o/o 37,383.75 82,383.75 03/01/2023 35,946.00 35,946.00 09/01/2023 45,000.00 6.390% 35,946.00 80,946.00 03/0112024 34,508.25 34,508.25 09/01/2024 50,000.00 6.390% 34,508.25 84,508.25 03101/2025 32,910.75 32,910.75 09/01/2025 50,000.00 6.390o/o 32,910.75 82,910.75 03/01/2026 31,313.25 31,313.25 09/01/2026 55,000.00 6.390% 31,313.25 86,313.25 03/01/2027 29,556.00 29,556.00 09/01/2027 60,000.00 6.390% 29,556.00 89,556.00 03/0l /2028 27,639.00 27,639.00 09/01/2028 60,000.00 6.660% 27,639.00 87,639.00 03101/2029 25,641.00 25,64 LOO

(Continued on next page)

13 $1,500,000 The Community Redevelopment Agency of the City of Los Angeles, California, Broadway/Manchester Recovery Redevelopment Project, Loan Agreement, Series A- Taxable

Debt Service Schedule Part 2 of2

Total Principal Date Principal. Interest Rate Interest and Interest

09/01/2029 $65.000.00 6.660% $25,641.00 $90,641.00 03/01/2030 23,476.50 23.476.50 09/01/2030 70,000.00 6.660o/., 23,476.50 93,476.50 03/01/2031 21,145.50 21,145.50 09/0112031 75,000.00 6.660% 21,145.50 96,145.50 03/01 /2032 18,648.00 18,648.00 09/01/2032 80,000.00 6.660%, 18,648.00 98,648.00 03/01/2033 15,984.00 15,984.00 09/01/2033 85,000.00 6.660o/o 15,984.00 100,984.00 03/01/2034 13,153.50 13,153.50 09/01/2034 90,000.00 6.660%, 13,153.50 103,153.50 03/01/2035 10,156.50 10,156.50 09/01/2035 95,000.00 6.660% 10,156.50 105.156.50 03/01/2036 6,993.00 6,993.00 09/01/2036 100,000.00 6.660o/o 6,993.00 106,993.00 03/01/2037 3,663.00 3,663.00 09/01/2037 110,000.00 6.660% 3,663.00 113,663.00

Total $1,500,000,00 · $1,999,431.68 S3,499,43 I .68

(Remainder of this page intentionally left blank)

14 $3,000,000 The Community Redevelopment Agency of the City of Los Angeles, California, Crenshaw/Slauson Recovery Redevelopment Project, Loan Agreement, Series A- Taxable

Debt Service Schedule Part I of2

Total Principal Date Principal Interest Rate Interest and Interest

03/01/2008 $132.000.64 $132.000.64 09/01/2008 97,778.25 97.778.25 03/01/2009 97,778.25 97,778.25 09/01/2009 $25,000.00 5.940%1 97,778.25 122.778.25 03/01/2010 97,035.75 97.035.75 09/01/2010 30,000.00 5.940% 97,035.75 127,035.75 03/01/2011 96,144.75 96,144.75 09/01/2011 35.000.00 5.940% 96,144.75 131,144.75 03/01/2012 95,105.25 95.105.25 09/01/2012 35,000.00 5.940% 95.105.25 130,105.25 03/01/2013 94,065.75 94,065.75 09/01/2013 35.000.00 5.940% 94,065.75 129,065.75 03/01/2014 93,026.25 93,026.25 09/01/2014 40,000.00 5.940% 93,026.25 133.026.25 03/01/2015 91,838.25 91,838.25 09/01/2015 40,000.00 5.940%1 91,838.25 131,838.25 03/01/2016 90,650.25 90,650.25 09/01/2016 40,000.00 5.940% 90,650.25 130.650.25 03/01/2017 89,462.25 89.462.25 09/01/2017 45,000.00 5.940o/o 89,462.25 134,462.25 03/01/2018 88.125.75 88,125.75 09/01/2018 55.000.00 6.390% 88.125.75 143,125.75 03/01/2019 86,368.50 86,368.50 09/01/2019 55,000.00 6.390% 86,368.50 141.368.50 03/01/2020 84,611.25 84,611.25 09/01/2020 60,000.00 6.390% 84.611.25 144,611.25 03/01/2021 82,694.25 82,694.25 09/01/2021 65,000.00 6.390% 82,694.25 147,694.25 03/01/2022 80,617.50 80,617.50 09/01/2022 70,000.00 6.390% 80,617.50 150,617.50 03/01/2023 78,381.00 7~,381.00 09/01/2023 70,000.00 6.390% 78,381.00 148,381.00 03/01/2024 76.144.50 76,144.50 09/01/2024 75,000.00 6.390% 76,144.50 151,144.50 03/01/2025 73,748.25 73,748.25 09/01/2025 80.000.00 6.390% 73,748.25 153,748.25 03/01/2026 71,192.25 71,192.25 09/01/2026 85,000.00 6.390o/o 71,192.25 156,192.25 03/01/2027 68.476.50 68.476.50 09/01/2027 90,000.00 6.390% 68,476.50 158,476.50 03/01/2028 65,601.00 65,601.00 09/01/2028 95,000.00 6.660o/., 65,601.00 160,601.00 03/01/2029 62.437.50 62,437.50

(Continued on next page)

15 $3,000,000 The Community Redevelopment Agency of the City of Los Angeles, California, Crenshaw/Slauson Recovery Redevelopment Project, Loan Agreement, Series A-Taxable

Debt Service Schedule Part 2 of2

Total Principal Date Principal Interest Rate Interest And Interest

09/01/2029 $105,000.00 6.660o/o $62.437.50 $167,437.50 03/01/20)0 58.941.00 58,941.00 09/01/2030 110,000.00 6.660% 58,941.00 168.941.00 03/01/2031 55,278.00 55,278.00 09/01/2031 115.000.00 6.660% 55.278.00 170.278.00 03/01/2032 51,448.50 51,448.50 09/01/2032 125,000.00 6.660% 51.448.50 176,448.50 03/01/2033 47,286.00 47,286.00 09/01/2033 250.000.00 6.660% 47,286.00 297,286.00 03/01/2034 38,961.00 38,961.00 09/01/2034 265.000.00 6.660% 38.961.00 303,96LOO 03101/2035 30, 136.50 30, 136.50 09101/2035 285,000.00 6.660o/o JO, 136.50 315,136.50 03101/2036 20,646.00 20,646.00 09/01/2036 300.000.00 6.660o/o 20.646.00 320,646.00 03101/2037 10,656.00 10.656.00 09/01/2037 320,000.00 6.660o/o 10,656.00 330,656.00

Total $3,000,000.00 $4,383,494.89 $7 ,383,494.89

(Remainder ofthis page intentionally left blank)

16 $2,000,000 The Community Redevelopment Agency of the City.o.fLos Angeles, California, Earthquake Disaster Assistance Project for the Laurel Canyon Commercial Corridor, Loan Agreement, Series A- Taxable

Debt Service Schedule Part 1 of2

Total Principal Date Principal Interest Rate Interest and Interest

03/01/2008 $88,761.83 $88,761.83 09/01/2008 $10,000.00 5.940% 65,749.50 75,749.50 03/01/2009 65,452.50 65,452.50 · 09/01/2009 10,000.00 5.940o/o 65,452.50 75,452.50 03/01/2010 65,155.50 65,155.50 09/01/2010 10,000.00 5.940o/o 65,155.50 75,155.50 03/01/2011 64,858.50 64,858.50 09/01/2011 10,000.00 5.940% 64,858.50 74,858.50 03/01/2012 64,561.50 64.561.50 09/01/2012 10,000.00 5.940o/o 64,561.50 74.561.50 03/01/2013 64,264'.50 64,264.50 09/01/2013 15,000.00 5.940o/o 64,264.50 79,264.50 03/01/2014 63,819.00 63,819.00 09/01/2014 15,000.00 5.940% 63,819.00 78,819.00 03/01/2015 63,373.50 63,373.50 09/01/2015 20,000.00 5.940o/o 63,373.50 83,373.50 03/01/2016 62,779.50 62,779.50 09/01/2016 15,000.00 5.940o/o 62,779.50 77,779.50 03/01/2017 62,3)4.00 62,334.00 09/01/2017 20,000.00 5.940% 62,334.00 82.334.00 03/01/2018 61,740.00 61,740.00 09/01/2018 20,000.00 6.390o/o 61,740.00 81.740.00 03/01/2019 61,101.00 61.101.00 09/01/2019 20,000.00 6.390o/o 61,101.00 81,101.00 03/01/2020 60.462.00 60,462.00 09/01/2020 20,000.00 6.390% 60,462.00 80,462.00 03/01/2021 59,823.00 59,823.00 09/01/2021 25,000.00 6.390% 59,823.00 84,823.00 0)101/2022 59,024.25 59,024.25 09/01/2022 25,000.00 6.390o/o 59,024.25 84,024.25 03/01/2023 58,225.50 58,225.50 09/01/2023 30,000.00 6.390% 58,225.50 88,225.50 03/01/2024 57,267.00 57,267.00 09/01/2024 30,000.00 6.390o/o 57,267.00 87,267.00 03/01/2025 56,308.50 56,308.50 09/01/2025 35,000.00 6.390% 56,308.50 91,308.50 03/01/2026 55,190.25 55,190.25 09/01/2026 30,000.00 6.390o/o 55,190.25 85,190.25 03/01/2027 54,231.75 54,231.75 09/01/2027 35,000.00 6.390o/o 54,231.75 89,231.75 03/01/2028 53,113.50 53,113.50 09/01/2028 35,000.00 6.660o/o 53,113.50 88,113.50 03/01/2029 51,948.00 51,948.00

(Continued on next page)

17 $2,000,000 The Community Redevelopment Agency of the City of Los Angeles, California, Earthquake Disaster Assistance Project for the Laurel Canyon Commercial Corridor, Loan Agreement, Series A- Taxable Debt Service Schedule Part 2 of 2

Interest Total Principal Date Principal Rate . Interest and Interest

09/01/2029 40,000.00 6.660% 51,948.00 91.948.00 03/01/2030 50.616.00 50,616.00 09/01/2030 40,000.00 6.660% 50,616.00 90,616.00 03/01/2031 49,284.00 49,284.00 09/01/2031 170,000.00 6.660% 49,284.00 219,284.00 03/01/2032 43,623.00 43,623.00 09/01/2032 185,000.00 6.660% 43,623.00 228,623.00 03/01/2033 37,462.50 37,462.50 09/01/2033 195,000.00 6.660% 37.462.50 232,462.50 03/01/2034 30,969.00 . 30,969.00 09/01/2034 210,000.00 6.660o/o 30,969.00 240,969.00 03/01/2035 23,976.00 23,976.00 09/01/2035 225,000.00 6.660% 23,976.00 248,976.00 03/01/2036 16,483.50 16,483.50 09/01/2036 240,000.00 6.660% 16.483.50 256,483.50 03/01/2037 8,491.50 8,491.50 09/01/2037 255,000.00 6.660% 8,491.50 263,491.50

Total $2,000,000.00 $3,206,388.83 $5,206,388.83

(Remainder of this page intentionally left blank)

18 $1,500,000 The Community Redevelopment Agency of the City of Los Angeles, California, Watts Redevelopment Project No. I, Loan Agreement, Series A- Taxable Debt Service Schedule

Total Principal Date Principal Interest Rate Interest and Interest

03/01/2008 $61,889.06 $61,889.06 09/01/2008 $55,000.00 5.940% 45,843.75 100,843.75 03/01/2009 44,210.25 44,210.25 09/01/2009 75,000.00 5.940o/o 44,210.25 119,210.25 03/01/2010 41,982.75 41,982.75 09/01/2010 80,000.00 5.940% 41,982.75 121,982.75 03/01/20 \\ 39,606.75 39,606.75 09/01/20\\ 85,000.00 5.940% 39,606.75 124,606.75 03/01/2012 37,082.25 37,082.25 09/01/2012 90,000.00 5.940% 37,082.25 127,082.25 03/01/2013 34,409.25 34,409.25 09/01/2013 95,000.00 5.940% 34,409.25 129,409.25 03/01/2014 31,587.75 31,587.75 09/01/2014 100,000.00 5.940% 31,587.75 131,587.75 03/01/2015 28,617.75 28,617.75 · 09/01/2015 110,000.00 5.940% 28,617.75 138,617.75 03/01/2016 25,350.75 25,350.75 09/01/2016 115,000.00 5.940% 25,350.75 140,350.75 03/01/2017 21,935.25 21,935.25 09/01/2017 120.000.00 5.940% 21,935.25 141,935.25 03/01/2018 18,371.25 18,371.25 09/01/2018 130,000.00 6.390% 18,371.25 148,371.25 03/01/2019 14,217.75 14,217.75 09/01/2019 140,000.00 6.390% 14,217.75 154,217.75 03/01/2020 9,744.75 9,744.75 09/01/2020 150,000.00 6.390% 9,744.75 159,744.75 03/01/2021 4,952.25 4,952.25 09/01/2021 155,000.00 6.390°/o 4,952.25 159,952.25

Total $1,500,000.00 $811,870.31 $2,311,870.31

(Remainder of this page intentionally left blank)

19 Estimated Tax Increment Revenues and Debt Service Coverage----Series O Bonds/Project Area Loans and Outstanding Parity.. Debt_ Set forth below are tables showing the estimated debt service coverage with respect to the Loans using the "Estimated Tax Increment" revenues and "Estimated Net Tax Increment" revenues relating to each Project Area (as that term is used in the Tables showing Projected Tax Revenues of each of the Project Areas and in APPENDIX A), based upon the projection of Tax Revenues prepared by Katz Hollis, the Agency's fiscal consultant ("Katz Hollis" or the "Fiscal.Consultant"). The Fiscal Consultant's Report set forth in APPENDIX A hereof, prepared by Katz Hollis, the Agency's fiscal consultant ("Katz Hollis" or the "Fiscal Consultant"), sets forth in Part III thereof estimates of the projected tax increment revenues of each Project Area, prior to and after adjustments for certain fees and payments payable from the Tax Increment Revenues of each Project Area. In the case of Tax Revenues of the Crenshaw/Slauson Project and the Laurel Canyon Project, Projected Tax Revenues of said Project Areas and estimated coverage includes debt 'service payable on the Outstanding Parity Debt of such Project Areas, respectively.

As further discussed in APPENDIX A, Estimated Tax Increment revenues of each Project are shown after deduction of certain County administrative fees, but prior to any adjustment for amounts estimated to be required to be paid by the Agency to certain affected taxing entities (the "AB 1290 payments"), and Estimated Net Tax Increment revenues of each Project are shown after _deduction of certain County a_dministrative fees, and after adjustment for the AB 1290 payments. The Agency has requested subordination of such AB 1290 payments to the payment of debt service on the Loans and any Outstanding Parity Debt of such Project Areas from the applicable taxing entities, and expects such subordination to be effective. See "LIMITA TIO NS ON TAX REVENUES­ Section 33607.5 and Section 33607.7 (AB 1290) Payments" and "RISK FACTORS" for a discussion of various factors that may affect future Tax Revenues of each Project.

See "LIMITATIONS ON TAX REVENUES-Projected Tax Revenues," "BROADWAY/MANCHESTER RECOVERY REDEVELOPMENT PROJECT-Projected Tax Revenues," "CRENSHAW/SLAUSON RECOVERY REDEVELOPMENT PROJECT-Projected Tax Revenues," and "DISASTER ASSISTANCE PROJECT FOR LAUREL CANYON COMMERCIAL CORRIDOR -Projected Tax Revenues" and the Fiscal Consultant's Report relating to the Project Areas set forth in APPENDIX A-"FISCAL· CONSULTANT'S REPORT" for a discussion of projected Tax Revenues of each Project Area.

20 Estimated Debt Service Coverage - Broadway/Manchester Project Estimated Estimated Estimated Net Series O Bond Year Tax AB 1290 Tax Bond/Loan Gross Net Beginning Increment(() Payment(Z) lncrement(3) Debt Service(4) Coverage(S) Coverage(6)

2007 $444,000 ($90,000) $354,000 $114,094 3.89 3.10 2008 467,000 (95,000) 372,000 117,101 3.99 3.18 2009 490,000 (99,000) 391,000 115,913 4.23 3.37 2010 514,000 ( I 08,000) 406,000 114,725 4.48 3.54 2011 538,000 ( 118,000) 420,000 118,537 4.54 3.54

(I) Estimated Tax Increment revenues of the Broadway/Manchester Project Area are based upon projected Tax Revenues provided by Katz Hollis for fiscal years ending June 30 after deduction of the estimated annual County property tax administration fee and prior to any deduction of the estimated AB 1290 payments to affected taxing entities .. See APPENDIX A-"FISCAL CONSULTANT'S REPORT" for a discussion of projected Tax Revenues of the Project Area. (2) Estimated AB 1290 Payments are payable annually from the Tax Revenues · to affected taxing entities. See "LIMITATIONS ON TAX REVENUES-- Section 33607.5 and Section 33607.7 (AB 1290) Payments" for a discussion of the estimated AB 1290 payments payable from the Tax Revenues of the Broadway/Manchester Project Area. (3) Estimated Net Tax Increment revenues of the Broadway/Manchester Project Area are based upon projected Tax Revenues provided by Katz Hollis for fiscal years ending June 30, after deduction of the estimated annual County property tax administration fee and after deduction of the estimated AB 1290 payments to affected taxing entities. The projections of Estimated Net Tax Increment Revenues assume that the AB 1290 payments are deducted prior to the payment of debt service on the Broadway/Manchester Loan, although the Agency has requested, and expects, that the affected taxing entities will subordinate such payments to debt service payments on the Broadway/Manchester Loan. See APPENDIX A-"FISCAL CONSULT ANT'S REPORT" for a discussion of projected Tax Revenues of the Broadway/Manchester Project Area and such estimated amounts. See "LIMITATIONS ON TAX REVENUES-- Section 33607.5 and Section 33607.7 (AB 1290) Payments" for a discussion of the estimated AB 1290 payments payable from the Tax Revenues of the Broadway/Manchester Project Area. ( 4) Reflects actual debt service payable on the Broadway/Manchester Loan. There is no Outstanding Parity Debt relating to the Broadway/Manchester Project. The Agency may issue additional bonds or other obligations secured by Tax Revenues of the Broadway/Manchester Project Area in future years. See "SECURITY FOR THE BONDS - Issuance of Parity Debt and Other Obligations." (5) The Gross Coverage amounts shown are based upon the Estimated Tax Revenues. (6) The Net Coverage amounts shown are based upon the Estimated Net Tax Revenues.

21 Estimated Debt Service Coverage - Crenshaw/Slauson Project

Series O Estimated Estimated Estimated Net Parity Bonds/Loan Combined Bond Year Tax AB 1290 Tax Debt Debt Debt Gross Net Beginning Increment(l) Payment(2) Increment{3) Service(4) Service(S) Service{6) Coverage{7) Coverage{S)

2007 $1,173,000 ($282,000) $891,000 $115,263 $229,779 $345,041 3.40 2.58 2008 1,220,000 (300,000) 920,000 119,363 220,557 339,919 3.59 2.71 2009 1,268,000 (318,000) 950,000 118,013 224,072 342,084 3.71 2.78 2010 1,317,000 (336,000) 981,000 116,663 227,290 343,952 3.83 2.85 2011 1,367,000 (355,000) 1,012,000 115,313 225,211 340,523 4.01 2.97

(I) Estimated Tax Increment revenues of the Crenshaw/Slauson Project Area are based upon projected Tax Revenues provided by Katz Hollis for fiscal years ending June 30 after deduction of the estimated annual County property tax administration fee and prior to any deduction of the estimated AB 1290 payments to affected taxing entities .. See APPENDIX A-"FISCAL CONSULTANT'S REPORT" for a discussion of projected Tax Revenues of the Project Area. (2) Estimated AB 1290 Payments arc payable annually from the Tax Revenues to affected taxing entities. See "LIMITATIONS ON TAX REVENUES-- Section 33607.S and Section 33607.7 (AB 1290) Payments" for a discussion of the estimated AB 1290 payments payable from the Tax Revenues ofthc Crenshaw/Slauson Project Arca .. (3) Estimated Net Tax Increment revenues of the Crenshaw/Slauson Project Area arc based upon projected Tax Revenues provided by Katz Hollis for fiscal years ending June 30, after deduction of the estimated annual County property tax administration fee and after deduction of the estimated AB 1290 payments to affected taxing entities. The projections of Estimated Net Tax Increment Revenues assume that the AB 1290 payments are deducted prior to the payment of debt service on the Crenshaw/Slauson Loan and the Outstanding Parity Debt of the Crenshaw/Slauson Project Area, although the Agency has requested, and expects, that the affected taxing entities will subordinate such payments to debt service payments on the Crenshaw/Slauson Loan and such Outstanding Parity Debt. See APPENDIX A-"FISCAL CONSULTANT'S REPORT" for a discussion of projected Tax Revenues of the Crenshaw/Slauson Project Area and such estimated amounts. Sec "LIMIT ATIO NS ON TAXREVENUES-- Section 33607.S and Section 33607.7 (AB 1290) Payments" for a discussion of the estimated AB 1290 payments payable from the Tax Revenues of the Crenshaw/Slauson Project Area. (4) Reflects actual debt service on the Outstanding Parity Debt relating to the Crenshaw/Slauson Project. The Agency may issue additional bonds or other obligations secured by Tax Revenues of the Crenshaw/Slauson Project Area in future years. See "SECURJTY FOR THE BONDS-Issuance of Parity Debt and Other Obligations." (5) Reflects actual debt service payable on the Crenshaw/Slauson Loan. The Agency may issue additional bonds or other obligations secured by Tax Revenues of the Crenshaw/Slauson Project Area in future years. See "SECURITY FOR THE BONDS - Issuance of Parity Debt and Other Obligations." ( 6) Reflects actual debt service on the Outstanding Parity Debt and the Crenshaw/Slauson Loan. (7) The Gross Coverage amounts shown are based upon the Estimated Tax Revenues and include Outstanding Parity Debt. (8) The Net Coverage amounts shown arc based upon the Estimated Net Tax Revenues and include Outstanding Parity Debt.

(Remainder ofthis page left intentionally blank)

22 Estimated Debt Service Coverage - Laurel Canyon Project

Series O Estimated Estimated Estimated Parity Bonds/Loan Combined Bond Year Tax AB 1290 Net Tax Debt Debt Debt Gross Net Beginning lncrement(l) Payment(2) Increment(3) Service(4) Service(5) Service(6) Coverage(7) Coverage(8)

2007 $1,790,000 ($435,000) $1,355,000 $279,525 $164,51 l $444,036 4.03 3.05 2008 l,868,000 (465,000) l,403,000 276,733 140,905 417,638 4.47 3.36 2009 l,948,000 (494,000) l,454,000 278,533 140,3 ! l 418,844 4.65 3.47 2010 2,029,000 (525,000) 1,504,000 279,933 139,717 419,650 4.83 3.58 201 I 2,112,000 (556,000) l,556,000 280,933 139,123 420,056 5.03 3.70

(l) Estimated Tax Increment revenues of the Laurel Canyon Project Area are based upon projected Tax Revenues provided by Katz Hollis for fiscal years ending June 30 after deduction of the estimated annual County property tax administration fee and prior to any deduction of the estimated AB 1290 payments to affected taxing e