The Los Angeles County Economic Development Corporation (LAEDC) CEO Bill Allen released the following statement regarding recent RDA developments in Sacramento and throughout California:
“Similar to our unwavering and vocal support of the California Enterprise Zone Program, the LAEDC has been a long-time supporter of the dual purposes of redevelopment to improve blighted areas and put people back to work in these blighted areas. Consequently, we still believe that it is imprudent to eliminate redevelopment entirely – as has been done.
Even so, we support Senator Padilla’s efforts to temporarily postpone the February 1, 2011 dissolution deadline, per the California Supreme Court’s CRA v. Matosantos decision. We believe that allowing more time to develop a new job creation and community renewal program is important because redevelopment’s chief goals to help combat high unemployment, promote environmentally sustainable growth and undo decades of neglect in poorer neighborhoods might still be served and the mechanisms by which to achieve those goals made even more effective, less costly and more narrowly tailored.”
The LAEDC, the region’s premier economic development leadership organization, is a private, non-profit organization established in 1981 under section 501(c)(3). Its mission is to attract, retain, and grow business and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped retain or attract more than 171,300 jobs while providing $8.4 billion in direct economic impact from salaries and more than $144 million in annual tax revenue benefit to local governments and education in Los Angeles County.