Orange County Register | In a decision that could spell the end of redevelopment agencies in California, the state Supreme Court ruled on Thursday that the Legislature had the authority to seize $1.7 billion in local redevelopment money to help balance the budget, and struck down a related bill that would have allowed redevelopment agencies to continue operating if they agreed to turn over a large chunk of their funding to the state.
The ruling would seem to prevent local redevelopment agencies from engaging in new business and would lead to their eventual dissolution. [CONTINUE READING]
Additional: Los Angeles Times, Sacramento Bee, Wall Street Journal , San Diego Union-Tribune, CalWatchdog, OC Weekly, Fullerton Stories and here’s the court’s ruling.
Congratulations to all who have worked so long & hard on this issue. Finally there are some in our state understanding what redevelopment has done to this state. Many have gotten rich at the expense of main street….And left us with extrodinary mounds of debts still to be paid. It will be interesting to see which ways the CRAs will be trying to resume their style of corporate socialism. I hope our state can recover from 50 years of redevelopment agencies. We are at or near the bottom in almost every area…….A very happy new year to all! Sherry