Can California Solve Its Budget Deficit and Save Redevelopment?

Long Beach Mayor Bob Foster and a group of local stakeholders is circulating a proposal that would help the state of California and generate revenue for local redevelopment. Is it too late for a win-win in California?

The article features exclusive Q&A with the Mayor of Long Beach, Bob Foster:

"When we looked at the Governor's proposal, we said: what do we really need here? A lot of local governments need the extension of redevelopment areas; we also need reform; we also need to expand some of the definitions so we can go outside some of the projects areas to do things that would benefit those project areas."

"We then put a proposal together that has those elements-it would be attractive to local government to come into the process voluntarily. Then we took the housing set-aside, which is 20 percent, and used that money as a revenue stream for a 30-year bond. Then we took ten percent of the tax increment and use that revenue stream for a 30-year bond. The combination would enable us to defease-allowing for existing commitments-$12.6 billion in state general obligation debt."

Thanks to James Brasuell

Full Story: Long Beach Mayor Foster Proposes Fix For Redevelopment


building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
Red necktie with map of Boston

For dads and grads: tie one on to celebrate your city!

Choose from over 20 styles imprinted with detailed city or transit maps.
Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!