In bad news, the budget “restructures” Redevelopment agencies in a way that many feel will be disastrous for local government and real estate alike. Chris McKenzie, Executive Director, League of California Cities, said: “It is deeply regrettable that the Governor is choosing to ignore the State constitution and sign illegal legislation to eliminate redevelopment agencies. This is a smoke and mirrors budget that includes a phantom $1.7 billion in revenues from redevelopment agencies that will never materialize, ultimately triggering deeper cuts to other state programs down the line.”
For more information on what is happening with RDA’s and the potential lawsuit that has been threatened, visit http://protectourlocaleconomy.com/.
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