California's redevelopment agencies have almost as much if not more debt than what they pull in from tax revenues, according to this investigation by The Wall Street Journal.
The paper reviewed documents from the 2009 fiscal year representing more than two dozen redevelopment agencies. The implication is that efforts to counteract blight and create jobs are straining city budgets beyond the point of sustainability.
"Cities and towns in the state created redevelopment agencies to attract tax-paying businesses to blighted areas. When new developments raise property values, the additional property-tax revenue goes to the agencies to pay off bondholders. But such plans go awry when property values tumble.
Hercules, Calif., a city of 25,000 people northeast of San Francisco, sold some $260 million in redevelopment bonds, mainly to acquire private land it sought to improve to attract new businesses. But the recession wrecked those plans as plunging property values dried up hoped-for revenue gains.
The old industrial city, once famous for dynamite manufacturing, faces some $15 million in annual interest payments on redevelopment bonds and related costs, exceeding the $10.5 million in higher yearly property tax collections generated by the redevelopment district."
FULL STORY: Blight Cures Drain City Coffers
Baltimore Program Could Repurpose Thousands of Vacant Housing Units
The city and state are investing $3 billion in rescuing vacant residential properties to promote homeownership and reduce blight.
Opinion: Cities Must Take Action on Blighted Downtown Parking Lots
Surface parking lots take up as much as a third of downtown land in some cities, dragging down tax revenue and redevelopment prospects.
Newark Kicks Off $1 Home Sale Program
The city sold seven properties as part of an effort to revive blighted sites and encourage housing production.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
Delivering for America Plan Will Downgrade Mail Service in at Least 49.5 Percent of Zip Codes
Republican and Democrat lawmakers criticize the plan for its disproportionate negative impact on rural communities.
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Balancing Bombs and Butterflies: How the National Guard Protects a Rare Species
The National Guard at Fort Indiantown Gap uses GIS technology and land management strategies to balance military training with conservation efforts, ensuring the survival of the rare eastern regal fritillary butterfly.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service