Council squirrels away $1 billion in redevelopment $$$

In fairness, members didn't seem all that crazy about transferring the money from the Community Redevelopment Agency to the city's own accounts. But with lawmakers in Sacramento preparing to eliminate redevelopment agencies as early as Thursday, and with a chamber packed with redevelopment supporters, there was no way they weren't going to transfer the funds. Exactly what will be done with the money - and for how long and under what conditions - remains a mystery. "I received this at 10 minutes to five last night to consider for a vote today," said Councilman Paul Krekorian, who along with Councilman Greig Smith were among the most skeptical. Even if the legislature decides to eliminate redevelopment agencies, local officials are sure to contest the vote in court. In a letter to leaders of the Assembly and Senate, a group of mayors, including Antonio Villaraigosa, said the legislation "is a poorly constructed idea that is disastrous for the state and its residents." That's quite a statement, considering the instances of fraud and abuse within so much of the redevelopment system. What this shows, more than anything, is a continued refusal by elected officials to act in the best interest of California as a whole. Instead, they're focused on their own parochial agendas. That's why nothing gets done. That's why reform is so elusive.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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