Tight Budget May Impact Grand Terrace CRA- GOOD

In a major reduction, Brown would wipe out hundreds of local redevelopment agencies, which use property taxes to spur projects in blighted areas. State leaders in 2009-10 took $1.7 billion from redevelopment agencies, though voters in November approved a ballot initiative, Proposition 22, that presumably blocks such transfers in the future.


Brown wants to eliminate redevelopment agencies altogether; it is not clear whether that would require voter approval. He intends to use the money to offset state budget costs for one year and then give the money to counties and schools thereafter.

The City would have to default on the bonds that have been spent and not offset by construction or land sales. The City's Credit Rateing would be ill affected. Developers would not be able to control city hall. In the end less money would be spent at banks for the barrowed funds. Oh and land ownership in Grand Terrace may be restored if the City no longer benefited from the declaration that all of Grand Terrace in Blighted and needs to be in the Redevelopment Zone.

So go a head Gov. Brown make my day... End all the CRA's in the state. Get these 120 vampires out of government. It will be one mass filing of bond and loan defaults. That is ok after all AIG will pay off those loans that were insured.