? Why is the City supporting SB 1129 (Steinberg)?
✔ In 2012, the State dismantled nearly 400 redevelopment agencies (RDA), revoking one of the best tools for local cities and counties to create vibrant communities, build affordable housing, and spur economic growth. The State once again ripped funding away from local governments to their own use, a pattern that began with the ERAF transfer of the 1990s. Glendale, however, has an obligation to its residents and businesses to move forward with what is left. In an effort to minimize the unintended consequences of the dissolution of redevelopment, Senate President Pro Tem Darrell Steinberg introduced SB 1129. This bill, if passed, would allow Glendale’s Successor Agency to use the $50 million in taxable redevelopment bonds it issued in 2011. These bonds have been kept out of reach of Glendale and do not serve their original purpose of funding public improvements, affordable housing, and economic development. They are currently only paying dividends to bond holders. Again, as we struggle to emerge from the great recession, $50 million remains on the sidelines as an untapped resource to create jobs and move the economy forward. The purpose of these bonds, as adopted in Glendale’s implementation plan of 2009, was to build infrastructure, affordable housing, and improve the quality of life for Glendale’s residents, businesses, and community.
Click here to read more.