Elimination of redevelopment imperils ongoing projects, stops future developments in their tracks - SGVTribune.com
When the California Supreme Court on Thursday issued a ruling that essentially annihilated local redevelopment agencies, it also killed the single-most important economic development tool that more than 400 cities statewide have, city officials said.
With the ruling that the Legislature can eliminate redevelopment agencies, many San Gabriel Valley and Whittier area leaders wonder how their communities are going to move forward with ongoing projects. And they don't know what to do about future plans now left in limbo.
"It puts everything up in the air," West Covina City Manager Andrew Pasmant said. "It's so far-reaching it's amazing."
Once redevelopment agencies are dissolved, city leaders predict that communities will face drastic consequences, including economic disadvantage, decreased revenues, more blighted areas and vacant buildings, elimination of thousands of job opportunities and reduced affordable housing.
And as Fred Pilot points out, this eliminates one of the tools that local governments could have used to deal with dilapidated condo projects.