State Controller Posts Financial Report on Long Beach Redevelopment

Okay so it is early in the morning and I should be in bed. However, Council just got notice that we are having a special meeting during City Council (aren't all of our meetings, special) regarding some fast action needed to save our redevelopment monies from the newly elected Governor who is proposing...gasp...to shut down redevelopment and return the tax dollars back to the city's general fund...or something like that.

Not quite sure why the City Council can do this since we are not the Redevelopment Agency for the city. Hmmm.

So, being curious about how much money we are talking about, I went on line to find the latest financial report sent by all redevelopment agencies to State Controller, John Chiang.

Okay for all of you who want to know what I know... here's the report. Pay special attention to pages 58 and 124 and 125. Shows that more than 18,000 acres of Long Beach is redevelopment. That the agencies take in millions of tax increment and spend millions.Also shows how much square footage was constructed or rehabed..and how many jobs were created by redevelopment money. The bad news is how much debt redevelopment has.

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