Redevelopment Agencies. Reestablishment. Initiative Statute.

Repeals elimination of redevelopment agencies. Allows local governments to reestablish redevelopment agencies and resume redirection of certain local property taxes to redevelopment projects, away from other local services. Removes prior redevelopment law\u27s requirements for redevelopment plans to have certain dollar and time limits and caps on redevelopment agency debt. Expands prior definition of blight to allow whole cities and counties as redevelopment areas if county\u27s unemployment rate exceeds statewide or national average. Reduces and makes optional the prior law\u27s minimum affordable housing component. Extends prior law\u27s time limit for using eminent domain. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increased resources for local redevelopment activities, growing to several billion dollars more per year, resulting in decreased resources for state and other local government activities of the same amount