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Presenter explains 2012 redevelopment dissolution, oversight board and local debt implications
Summary
A presenter recounted why state lawmakers phased out redevelopment agencies in 2012, described the consolidated oversight board that reviews remaining projects and money, and warned successor agencies still must repay loans tied to old redevelopment bonds.
Unidentified Speaker 1, a presenter, traced the state policy that led to the end of redevelopment agencies and described how successor agencies and a consolidated oversight board now manage remaining funds and project reviews.
The presenter said the state, citing abuses of redevelopment money and a tight budget under Governor Jerry Brown, passed a 2012 law that dissolved redevelopment districts. "So they passed a law in 2012 that literally shut down redevelopment districts," the presenter said, and added that the law created a consolidated oversight…
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