Query. Is it legal to fund future and undefined redevelopment projects simply to beat governor Brown’s suggestion of shutting down our states hundreds of redevelopment agencies?
While I do not have the current figure from the state controllers office (including principal and interest) the City of LA’s redevelopment Indebtedness is approaching $2 billion dollars placing it in the top 10 statewide.
To the best of my experience Bonds are issued to fund specific projects inside a redevelopment project area that have been identified and approved by the elected body of those agencies.
For the redevelopment agency of LA, CRA/LA, to connive a method to protect future project funding will be interesting to follow.
Following is the posted redevelopment agency meeting agenda. Take not ethat this was a special meeting in reaction to governor Brown’s proposla to shut down our state’s redevelopment agencies.
“THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CA SPECIAL MEETING AGENDA CRA/LA AGENDA FOR JANUARY 14, 2011
This Agenda was posted on or before Thursday, January 13, 2010 at 8:30 am at 1200
West Seventh Street in the Main Lobby, as well as the 1st Floor Lobby. Copies of this Agenda will be available at the CRA/LA Records Department on the 2nd Floor.
CRA/LA’S AGENDA AVAILABLE ON LA CITYLINK COMPUTER BULLETIN BOARD SYSTEM (TEL: 213-237-0974) AND THE CRA/LA’S WEB SITE ON THE CITY’S WORLD WIDE WEB HOME PAGE SITE ON THE INTERNET AT http://www.cralac.org
(PLEASE NOTE CHANGE IN TIME AND DATE)
8:30 A.M. THE GARLAND CENTER
1200 W. 7th Street, 1st Floor Auditorium
Los Angeles, California 90017
Board meeting to consider Agenda Items
Board of Commissioners
Kenneth H. Fearn, Chair
Madeline Janis, Vice Chair
Joan Ling, Treasurer
Dr. Lula Ballton
Dwayne A. Gathers
Alejandro Ortiz
Christine Essel, Chief Executive Officer
Accommadations such as sign language interpretation and translation services can be provided upon notice. Contact Sharron Hasley @ (213) 977-1758.
ROLL CALL
II. GENERAL
AUTHORITY TO EXECUTE A COOPERATION AGREEMENT WITH CITY OF LOS ANGELES FOR PAYMENT OF APPROXIMATELY $885 MILLION FOR COSTS
ASSOCIATED WITH CERTAIN REDEVELOPMENT AGENCY FUNDED CAPITAL IMPROVEMENT, PUBLIC IMPROVEMENT AND AFFORDABLE HOUSING PROJECTS LOCATED WITHIN THE CURRENTLY DESIGNATED 31 REDEVELOPMENT PROJECT AREAS.
PUBLIC COMMENT
Speaker’s form must be filled out and submitted to the Secretary prior to the beginning of Public Comment. Each speaker is limited to 2 minutes unless a time extension is allowed.
Members of the public may address any item of interest within the subject matter jurisdiction of the Board.
ADJOURNMENT”
The LA Times is reporting that CRA/LA, “Los Angeles’ redevelopment agency board hastily voted Friday to commit $930 million of agency money to the city to carry out redevelopment projects for years to come — presumably moving the money out of the state’s reach. The move, which would have to be approved by the Los Angeles City Council, would tie up the money the agency expects to take in via property taxes through 2016 and keep the funds from reverting to counties and school district as called for in the governor’s plan.”
Yes, we need to see if the city council of LA approves this bold concept.
See story links below:
http://latimesblogs.latimes.com/lanow/2011/01/la-redevelopment-agency-votes-to-move-forward-with-projects-in-face-of-browns-budget-gambit.html
http://www.cnbc.com/id/41081352
This was inevitable. The Redevelopment whores will not go quietly.
With Art gone is anyone going to post about the long time (over 30 years working at the city) Santa Ana Redevelopment Director Cindy Nelson quiting without notice just days after the O.C. Register reported the Department had been spending millions of dollars WITHOUT council approval? First the City Attorney and now the head of Redevelopment? Whose next and WHY???
Redevelop This.
As its past minight I will do some research tomorrow. Larry
I see the O.C. Register has an article on this topic in the Local section today. Has to be more to the story. Lond time City employees don’t just check out like this unless there is something serious happening inside. I hope S.A. employees will post on the topic.
I too saw today’s Register story. After I post the results of the council vote to post “In God We Trust” in the Lake Forest council chambers I will start my research.