California Tries To Wring Every Last Cent From Redevelopment

California's erstwhile redevelopment agencies are pleading with the state to maintain funding for projects they consider crucial. So far, the Department of Finance has taken a decidedly conservative approach.
May 17, 2012, 12pm PDT | Josh Stephens
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"In many cases, DOF has refused to allow high-density or transit-oriented projects to go forward – a move that makes sense in financial terms but seems to run counter to the Brown administration's urban development policy goals. And in at least one case, DOF is asking a local government to kill projects funded by federal dollars," writes Josh Stephens.

"DOF seems to be interpreting AB 1X 26 more conservatively than even successor agencies' oversight boards, which were expected to be conservative themselves insofar as oversight board members represent taxing entities that stand to gain from the freeing up of tax increment funds. As it turns out, many oversight boards have been sympathetic to the agendas of former redevelopment agencies."

Thanks to Josh Stephens

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Published on Tuesday, May 15, 2012 in California Planning & Development Report
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