HomeMy WebLinkAboutMINUTES - 04231985 - 1.65 TO: REDEVELOPMENT AGENCY
Contra
o lira
FROM: Phil Batchelor
Executive Director Costa
DATE: April 5 , 19-85 `-xyjnty
SUBJECT: Legislation: A.S'semb..I y B.i I I 265
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) A BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Adopt a position in opposition to A.ssemb.ly Bill 265 by Assembly
Member Hughes extending the 20 percent housing set aside requirement
to redevelopment projects adopted prior to January 1 , 1977 .
FINANCIAL IMPACT
Indirect negative impact. May extend debt repayment on city
redevelopment projects within the County thereby delaying return of
full property tax to local taxing agencies .
REASONS FOR RECOMMENDATION/BACKGROUND
Existing Redevelopment Law requires that for any redevelopment
project adopted after January 1 , 1977 , 20 percent of all tax
increments be allocated to the Agency for low and moderate income
housing purposes . This bill would effectively extend the 20
percent set aside requirement to projects adopted prior to
January 1 , 1977 , subject to pre-existing debt .
Assembly Bill 265 should be opposed for the following reasons :
1 . It could extend the time period of existing projects and
increase their costs ,. thereby delaying project termination
and the return of full property tax to local taxing
agencies .
2 . While the provision of housing is es.sential , this measure
creates a separate source of financing for housing without
regard to other needs which may be equally deserving .
3 . It diminishes local control over the allocation of local
tax revenues .
CONTINUED ON ATTACHMENT: YES SIGNATURE:
_X RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF AGENCY COMMITAE
y APPROVE OTHER
SIGNATURES)
ACTION OF AGENCY APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS
UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES. OF THE REDEVELOP-
MENT AGENCY �/OWN�T"H/E� DATE 2USHOWN.p
CC: County Administrator ATTESTED [�.%2L Cg d , / 7 0 S
Redevelopment Agency PHIL BATCHELOR, AGENCY SECRETARY
Planning
CSAC
Auditor-Controller
M3e2/7-43 BY DEPUTY