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Download Zipped Introduced WP 6.1 SB0053.zip
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This bill eliminates eminent domain authority of redevelopment agencies. It will also reduce the amount of tax increment that could be used for any redevelopment project by 50 percent. It is estimated that without the use of eminent domain, the cost of projects considered could be increased by up to twenty percent or more than $1,000,000. Some projects may be stopped all together. If the projects proceed, the additional cost will be added to the project budgets. If the projects are not completed, a loss of revenue for the Local Contribution to the Minimum School Program of up to $1,250,000 per year and a loss of revenue to local taxing entities of more than $1,850,000 per year starting in the next fiscal year could result. In areas where the projects proceed without additional costs, there could be some savings to the local taxing entities.
| FY 98 Approp. | FY 99 Approp. | FY 98 Revenue | FY 99 Revenue | |
| Other | $1,000,000 | $0 | $0 | $0 |
| Local Revenue | $0 | $0 | ($1,250,000) | ($1,850,000) |
| TOTAL | $1,000,000 | $0 | ($1,250,000) | ($1,850,000) |
Office of the Legislative Fiscal Analyst
2/12/97 8:58:38 AM
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