Indeed, it is the only thing that ever has.
Please Contact Your State Legislators:
Urge Them to Vote Against AB 101/SB 77, Proposed Legislation to Eliminate Redevelopment!
AB 101/SB 77—the 64-page bills to eliminate redevelopment presented to the Legislature on March 15, the day before the Assembly voted–are complex, hard to understand and filled with provisions that will stall projects across the State and create unintended consequences. Here are just three examples why the bill is of deep concern:
Creates Financial Havoc
Negates all existing agreements between redevelopment agencies and their sponsoring communities. These include long-standing agency obligations to reimburse their cities and counties for debt incurred through Certificates of Participation used to fund redevelopment activities. This provision would create financial chaos for many cities and counties.
Hinders Economic Development and Affordable Housing
Creates needless uncertainties for implementation of agency agreements executed with affordable housing entities and other private parties on or after January 1, 2011. These projects and those close to reaching agreement will be in limbo for months, and risk losing their private capital and access to Federal and State funding, tax credits and bond proceeds.
Sets Intentions Without Specifying a Solid Program
Includes a section describing the Legislature's intent to implement a program that provides local governments with a means to further economic development and employment opportunities in economically distressed areas and provide affordable housing. However, the legislation includes no such program. Rather, it creates a complicated bureaucratic process—rife with new mandates and unknown consequences—to dismantle the very program the State already has in place to achieve these critical objectives.
Please urge your Legislators to vote against AB 101/SB 77. We understand that concerns about AB 101/SB 77 are emerging in the Senate, and this is a critical time for your Legislators to hear from you as the votes could occur this Monday.
All of us at Seifel Consulting