Redevelopment Agency May Be Out Of Business

The biggest redevelopment agency in California may put itself out of business unless the state Legislature comes to the rescue.

1 minute read

January 4, 2002, 9:00 AM PST

By Chris Steins @planetizen

"The always-aggressive redevelopment agency in San Jose, CA plans to issue 30-year bonds this month, but the city's authority to collect tax increment to pay off the bonds ends in 16 years. Something has to give... The San Jose Redevelopment Agency collects almost $175 million per year in property tax increment. That is by far the most of any redevelopment agency in California. Its 7% of the overall state redevelopment total. Its 50% more than the gigantic Los Angeles Community Redevelopment Agency."

Thanks to Paul Shigley

FULL STORY: San Jose Issues Tax-Increment Bonds--And a Dare to State Lawmakers

Friday, January 4, 2002 in California Planning and Development Report

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