California Redevelopment Agencies Blast Governor's Plan to Shift Tax Revenues

Williams, Rochelle
May 2003
Bond Buyer;5/21/2003, Vol. 344 Issue 31640, p6
Trade Publication
The article reports that redevelopment officials throughout California predict disaster for their agencies if lawmakers adopt Governor Gray Davis' plan to divert much of their tax revenue. Davis wants to shift tax revenue from redevelopment agencies to fund schools as a way of resolving the state's 38.2 billion dollar budget shortfall. He made the proposal as part of a budget plan presented in December 2002 and even though his revised budget does not specifically mention the plan again, redevelopment agencies still see themselves in the crosshairs. The plan would shift 250 million dollars from those agencies the first year, then 50 million dollars annually until about one billion dollar total is reached during the course of about 15 years.


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