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Planning staff briefs commission on governor's proposed elimination of tax-increment financing, warns of local impacts
Summary
Staff told the commission that Governor Brown's budget proposed eliminating tax-increment financing for redevelopment agencies, a move staff warned would harm the city's ability to fund infrastructure and affordable housing; staff said no legislation yet and the mayor and redevelopment executive Fred Blackwell are exploring alternatives.
Planning department staff briefed the commission on a state-level budget proposal discussed by the governor that would eliminate tax-increment financing (TIF) as a funding mechanism for redevelopment agencies. Staff warned that removal of TIF, without a replacement funding mechanism, would significantly curtail the city's ability to finance infrastructure and affordable-housing projects in redevelopment areas.
Staff noted that the proposal was…
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