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Brief: Bloom’s redevelopment fix clears Assembly – Santa Monica Daily Press

By   /   June 1, 2014  /   Comments Off

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Legislation by Assemblymember Richard Bloom (D-Santa Monica), and former Santa Monica Mayor, that could free up nearly $750 million in redevelopment agency proceeds for cities has passed the Assembly floor. The bill, AB 2493, would release funds that have been held hostage by the state since redevelopment agencies were dissolved in 2011.

“When the Legislature and Governor stripped redevelopment agencies away from cities in 2011, we lost a major tool in fighting blight and reinvigorating our local economies,” said Bloom. “Worst of all, many cities like West Hollywood and Santa Monica were in the middle of moving major projects forward when the state withheld their funds. This bill will allow us to get back on track with important economic development projects overwhelmingly supported by the local electorate.”

In 2011 the Governor and Legislature dissolved redevelopment agencies and redirected $1.7 billion away from community development and

via Brief: Bloom’s redevelopment fix clears Assembly – Santa Monica Daily Press.

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