States Cutting Economic Development Budgets

Retail Traffic Magazine reports that money-starved states like California are raising taxes on commercial property and gutting local economic development agencies, hurting developers.

"The net result of this for commercial real estate sector is that more than 350 redevelopment authorities are losing $1.7 billion in tax dollars that would otherwise help fund city and county investments during the 2009-10 fiscal year. Another $350 million will be diverted the following fiscal year. Much of that would have been aimed at revitalizing commercial districts. That's a problem because redevelopment agencies are the primary economic development drivers in the state."

Full Story: To fill California’s gaping budget deficit, the government may squeeze retailers and retail real estate owners


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