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RDA Dissolution Fog Won’t Clear Before Fall

SACRAMENTO-Authorities say the state assembly’s recent decision to disband California’s redevelopment agencies has created an arduous task for oversight boards and successor agencies to determine what will happen to redevelopment projects in the pipeline.

By Carrie Rossenfeld | Updated on May 14, 2012

SACRAMENTO, CA-With the California Assembly’s recent decision to dissolve redevelopment agencies in the state, more than 400 RDAs are sorting through the complicated process of determining ongoing debt obligations, understanding cash flows and eventually selling properties—all while thinking through new ways to finance and achieve economic-development priorities. At this point, the situation is murky, and investors, developers and financing firms are sitting tight until the agencies finish assessing the projects on their slate. Some will remain state-sponsored projects, others put up for sale, and still others scrapped entirely, but just which projects fall into each category remains to seen.

“Whether this new law is seen as an attempt to untangle an abused funding problem or an opportunity to improve the system, there is one certainty—California cities and counties of all sizes must make some tough decisions and do it soon,” says Renata Simril, managing director of Jones Lang LaSalle, which, with Keyser Marston Associates, is helping successor agencies and county administrators prepare for and navigate through these new and uncharted waters.

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