The 2012-13 Budget: Unwinding Redevelopment
|Unknown||Unknown||Feb 17, 2012||English||32|
Description:On February 1, 2012, all redevelopment agencies in California were dissolved and the process for unwinding their financial affairs began. Given the scope of these agencies’ funds, assets, and financial obligations, the unwinding process will take time. Prior to their dissolution, redevelopment agencies (RDAs) received over $5 billion in property tax revenues annually and had tens of billions of dollars of outstanding bonds, contracts, and loans.