John Shirey, executive director of the California Redevelopment Association, believes local governments will be hit with an effective "double whammy" by the $350 million earmarked in the budget as a "redevelopment takeaway."
This takeway, as Shirey describes it, is something he believes will impact developers and commercial projects in redevelopment areas, and Shirey says the CRA is contemplating filing a law suit to stop what it believes is an unconstitutional move.
"We don't' like the $350 million take of redevelopment funds," says Shirey. "We feel it is not only unconstitutional, it is poor policy. Our funds are about the only source of capital right now. When banks won't make loans and projects are sitting idle, to take away from redevelopment agencies money that could be invested is the wrong approach to the economics of the state right now—we need more investment, not less."
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