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New Budget Calls for Reallocation of Local Redevelopment Revenue Back to the General Fund

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Uploaded on Jul 30, 2011

www.allenmatkins.com
For more than half a century, the California Redevelopment Law has provided a mechanism to generate funds for the redevelopment of blighted areas in cities and counties throughout California. As part of the effort to balance the State budget, Governor Jerry Brown signed ABX1 26 and ABX1 27 on June 28, 2011, which effectively terminate all redevelopment agencies statewide unless individual redevelopment agencies agree to transfer portions of their revenues for allocation to other public agencies. The effect of this legislation will be to eliminate or significantly curtail redevelopment activities in communities throughout the state.

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