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Thursday, May 31, 2012

LB Gets Bad News From State Department of Finance

The State Department of Finance today released two letters sent to Long Beach about the amounts claimed for administrative expenses to wind down and dispose of redevelopment assets and apparently is questioning what the City has determined as remaining obligations of redevelopment.

Here is the first of two letters posted today on the State Department of Finance website:
Long Beach ROPS May 21

Here is the second letter telling the City the state is disallowing almost $6 million for administrative expenses:
Long Beach May25 ROPS Approval Letter

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