2:06pm | Below is the statement from Long Beach Mayor Bob Foster on today’s California Supreme Court ruling on redevelopment:
Regrettably, no one ‘wins’ with today’s decision. Eliminating the economic benefits of redevelopment is neither good for cities, nor the long-term fiscal health of the State. It is the worst possible time to eliminate investments in communities that create opportunities for job growth and increase the state’s tax base for the future.
Closer to home, we are going to take things one step at a time with the Long Beach Redevelopment Agency. It will take some time to assess some of the provisions within the ruling and how each will impact the City and our local RDA team. We will do everything possible to minimize disruptions to the public and continue our work on moving this City forward.
10:10am | According to the San Jose Mercury News:
The California Supreme Court on Thursday found that state lawmakers had a legal right to seize $1.7 billion in redevelopment money to help solve the state’s budget woes, at the same time reaching a result that may put the state’s nearly 400 local redevelopment agencies out of business forever.
California’s high court concluded the Legislature had the authority to raid redevelopment funding earlier this year, rejecting arguments from redevelopment advocates that the budget gambit violated voter-approved Proposition 22, a 2010 measure designed to bar the state from seizing local funding to pay its bills.
Click here to read coverage from the San Jose Mercury News.
In July, the California Redevelopment Association, the League of California Cities, and the cities of San Jose and Union City sued the state over its plan to use Redevelopment Agency funding to balance the state’s budget.
9:50am | Today at 10:00am, the California Supreme Court will rule on the legality of the state’s move to use $1.7 billion in redevelopment funds to help balance the state’s budget.
More as this develops…