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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.
August 31, 2009, 8am PDT | Tim Halbur
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"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."

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Published on Wednesday, August 26, 2009 in Retail Traffic Magazine
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