As redevelopment agencies face the chopping block in California, new legislation could allow tax increment financing districts to essentially replace them.
"The infrastructure financing districts are being revamped as possible replacements for redevelopment agencies - a major source of development financing for local governments that is now on the chopping block in Gov. Jerry Brown's proposed budget.
The bill, which recently passed the Senate, would repeal voter approval requirements currently needed to form infrastructure financing districts and issue bonds for them. The legislation also includes other reforms that would help them replace redevelopment agencies."
Proponents are hopeful that passage of the legislation would make it easier for cities and counties to fund local public projects.
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