TITLE
Recommendation to request City Manager to work with the Director of Economic and Property Development to create a policy to allocate all proceeds from the sale of city owned properties to fund blight removal, ongoing economic development efforts, revolving loan funds for small business establishment and growth, local incentives for business to locate or expand in the City, and key infrastructure investments.
These proceeds should be tracked and directed to the project areas where the former Long Beach Redevelopment Agency (RDA) properties are located.
DISCUSSION
In 1945, the California Legislature enacted the Community Redevelopment Act to assist local governments in eliminating blight through development, reconstruction, and rehabilitation of residential, commercial, industrial, and retail districts. The Act gave cities and counties the authority to establish redevelopment agencies.
The Long Beach Redevelopment Agency (RDA) carried out its mission of enhancing quality of life by improving blighted areas of Long Beach, revitalizing neighborhoods, promoting economic development, creating jobs, providing affordable housing and encouraging citizen participation. In order to meet that mission, project areas were established to capture tax increment from property taxes within those project area boundaries to be invested in improving neighborhoods and focusing on blight removal within those established boundaries.
In 2011, the State of California approved ABx1 26, eliminating all California Redevelopment Agencies, effectively eradicating a vital tool to revitalize communities; In 2012, the legislature passed AB 1484, which outlines a process for local communities to
dispose of former RDA properties. The City of Long Beach currently has 50 property sites (197 parcels total) that will be sold, spanning North, Central, West, and Downtown Long Beach.
The Successor Agency to the Long Beach Redevelopment Agency is currently awaiting approval of its "Long Range P...
Click here for full text