Recognizing the danger that all Redevelopment Agencies face with the planned vote on the budget this week, Riverside named a successor agency to its current system.

Supervisor John Benoit continues to fight the termination of the state’s system of redevelopment agencies, but seems to have recognized the value of having a ‘Plan B’ ready to go.

Currently, Riverside County’s redevelopment agency is the seventh largest in the state, and accounts for more than $100 million in annual revenue.

From the Desert Sun:

Supervisor John Benoit authored the resolution, which states that the EDA would manage existing redevelopment funds and projects effective July 1, provided Brown’s proposal is approved by the Legislature. The RDA is currently a division of the EDA.

“This is an effort to respond to potential changes that are going to occur with RDA,” Benoit told fellow board members. “This topic is a long way from resolved.”

The supervisor noted that the California Department of Finance had already released draft legislation specifying that unless cities and counties have selected alternate agencies to take over redevelopment concerns, they would not receive further disbursements from the Redevelopment Property Tax Trust Fund after the new state budget is enacted.

Read the full article here.