Redevelopment’s death may be short lived, depending what Governor Brown decides to do with several bills approved by the Assembly and Senate before the end of the most recent legislative session.
Four bills, introduced in either the Assembly or Senate, would recreate a scheme that resembles redevelopment-light. Depending upon whose bill(s) win favor, either current mechanisms for funding development will be expanded, voter input adjusted, or renewable energy sources will receive a new carve-out.
AB 2144 was a bill introduced by Speaker John Perez that would all infrastructure-financing districts to expand their influence by incorporating a greater number of projects. Previously, cities could issue bonds to pay for brick-and-mortar improvements, and then a portion of the increment could be withheld to service the bonds. Before any bonds could be issued, 2/3rds of voters would have to approve the project. Under 2144, the voter requirement drops to 55 percent.
Senator Wolk introduced SB 214 that would remove the voter approval requirement all together.
AB 2551 would allow districts to fund renewable energy projects. And SB 1156 – introduced by Senator Darrell Steinberg – would create redevelopment-light, with most of the powers and authorities of the new defunct agencies.
Read the full article at the Sacramento Bee.