Brown Signs Post-Redevelopment Bill

Yesterday, Gov. Jerry Brown signed AB 471, a redevelopment cleanup bill that included some of Brown's ideas about using infrastructure financing districts as a future substitute for redevelopment.

Specifically, AB 471 clarifies that an IFD can be created that overlaps with a former redevelopment project area, so long as the IFD debt is subordinate to the old redevelopment debt.

CP&DR's brief description of the bill as it was drafted by Speaker-elect Toni Atkins can be found here. The bill itself can be found here, and the last legislative analysis can be found here. For a more detailed discussion of Brown's IFD proposal, go here.