On January 10th, the Governor released his proposed 2011-12 budget. The Governor has proposed eliminating redevelopment agencies, and prohibiting redevelopment agencies from creating new contracts or obligations on or after the date urgency budget legislation is adopted. The proposed budget would disestablish existing agencies by July 1, 2011, and establish successor entities which would be required to use the property tax that the agencies would otherwise have received to retire pre-existing agency debts and contractual obligations in accordance with existing payment schedules. Amounts in low and moderate income housing funds would be shifted to local housing authorities for low and moderate income housing.On February 3, 2011, the budget proposal begins making its way through the legislative process. We are closely monitoring the budget as it affects redevelopment. Updates will be posted as we receive them.
Legislative Updates on
Governor's Redevelopment Proposal
For more information on the Governor's 2011-12 budget proposals, please contact Robin D. Harris at 213.626.8484 or email@example.com, or Trisha Ortiz at 415.421.8484 or firstname.lastname@example.org.
Robin D. Harris and Trisha Ortiz specialize in advising clients in redevelopment, public finance, and public law. They advise clients in a wide range of financial transactions, including redevelopment projects, the formation of assessment districts, PACE financing, planning and structuring of bond issues, and the levy of taxes and fees. In addition, they are experienced in the areas of redevelopment agency tax allocation bonds, special assessment bonds, Mello-Roos bonds, certificates of participation and revenue bonds, including bonds pursuant to Marks-Roos Local Bond Pooling Act.
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