The Daily Briefing
REDEVELOPMENT AGENCY APPROVES BUDGET MONDAY
While we’ve been watching our city as a whole wrestle with a $19.2 million structural budget deficit, it’s worth noting that some of its more independently wealthy agencies haven’t been doing too badly.
One is the Redevelopment Agency, which will, as the Press-Telegram’s Karen Robes Meeks points out, approve its own $106.7 million budget for FY 2010, Monday at 9 a.m. in Council Chambers.
(After that, the RDA budget heads for Long Beach City Council for approval.)
It’s quite a interesting difference from the city–which has been forced by a $19.2 million budget deficit to close City Hall doors on Fridays beginning May 29; and which is simultaneously struggling to meet its next $43 million budget deficit for Fiscal Year 2009-2010, which begins Oct.1
But as Meeks points out, the RDA–founded in 1961–is funded by Tax Increment Financing and bolstered by a ruling earlier this year, in which a judge ruled a state takeaway of $6 million in RDA money was unconstitutional.
Financed in part by being allowed to keep that money, Meeks writes, the RDA has been able to plan such FY 2010 projects as building a new fire station in North Long Beach; expanding Ernest McBride Sr. Park; and forging ahead with the Art Exchange project downtown–which will reuse a portion of the old Acres of Books building.
Tags: acres of books, Art Exchange, California, Ernest McBride Sr. Park, Long Beach, Redevelopment Agency, Southern California, The District Weekly, Theo Douglas
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