Sate Pulls Reedevelopment Funds; Gets Sued…
November 9th, 2009 Categories: Loan Modification, Real Estate News, Sacramento Economy
The state’s decision to pull redevelopment funds to solve its budget problems is effecting redevelopment plans in cities throughout the region.
For the second time in Less than two years, California Redevelopment Association has filed a lawsuit against the state over the states plan to take more than $2 billion from the state’s redevelopment agencies to balance the budget.
Redevelopment money is the engine of local economies – getting the ball rolling on big and small projects.
Local Communities will pay the price in terms of lost jobs and community vitality. Kevin Payne, assistant planning and redevelopment director for the city of Roseville Stated in a SacBee article lately “The issue that I see with the state taking our funding is basically, it’s not constitutional,” Payne said, “and it’s really taking opportunity away … to create jobs, housing and a better physical environment overall.”
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