Redevelopment Fun Facts
- Jul 20, 2011
- 2 min read
OK, nothing surrounding redevelopment is much "fun" these days. But let's try to lighten the mood.
In case you're wondering what exactly could get eliminated, the Senate Committee on Governance & Finance has compiled a list of the most salient facts from a recently released draft annual report, for FY 2009-10, compiled by the Office of the State Controller. This report was based on data reported by the agencies themselves, so some of the facts probably should be taken with a grain of salt. (For instance, if anyone knows exactly how to measure "jobs created," I want to hear about it.)
There are 425 community redevelopment agencies, but only 399 are active
Every city with a population over 250,000 has a redevelopment agency
94% of the 174 cities with populations over 50,000 have redevelopment agencies
81% of the 480 cities have redevelopment agencies
31 of the 58 counties have redevelopment agencies
There are 750 redevelopment project areas
65 redevelopment project areas cover 50 acres or less
34 redevelopment project areas cover more than 6,000 acres
Frozen property values were $164 billion; incremental values were $544 billion
New construction fell to 12.5 million square feet, the lowest level since 1995-96
New construction of public buildings boomed from 222,000 to 1.4 million square feet
Rehabilitated construction was down in every category except industrial buildings
Redevelopment agencies created 36,000 jobs, more than double than in 2008-09
Agencies' total revenues & other funding fell to $8 billion, down from $8.3 billion
Property tax increment revenues were $5.4 billion, 5% less; first drop since 1995-96
Pass-through payments were $1.2 billion, about the same as in 2008-09
Pass-throughs & other aid to K-14 schools was $315 million, down from $328 million
Agencies spent $943 million in Low & Moderate Income Housing Funds
Of that amount, 20.7% went for administrative, professional, planning, & design costs
Low & Moderate Income Housing Funds' total revenues were $712 million
Of that amount, $552 million came from property tax increment revenues
Agencies' equity fell by $1.4 billion to $16.5 billion
Agencies had unmatured long-term debts of $29.8 billion
Agencies issued $825 million in tax allocation bonds
Agencies' unmatured tax allocation bonds totaled $19.1 billion
Source: Draft Community Redevelopment Agencies Annual Report, Fiscal Year 2009-10. John Chiang, State Controller. Released to the Legislature on July 7, 2011. --Josh Stephens
