In the event you didn't know where I stand on the Fullerton Redevelopment Agency, here is something to consider. This agency goes into areas of Fullerton which it declares to be blighted and then skims the increased property taxes so that it can continue to grow its area of influence. It receives additional funding through the issuance of bonds that will end up costing Fullerton taxpayers dearly. An excellent article on redevelopment agencies is offered by California Assemblyman and former Fullerton Mayor Chris Norby:
“Redevelopment was created 60 years ago to end urban blight in California. It was never intended to be a permanent drain on the budget. Agencies are supposed to sunset after 40 years but are routinely extended indefinitely, and their indebtedness now tops $93 billion.Fullerton Redevelopment Agency destroys hundreds of homes under the auspice of creating low- and very low-income housing. However, the housing only provides for a few low- and moderate-income families.
Redevelopment diverts an ever-growing share of property tax dollars into subsidizing big box retailers, auto malls, theaters, stadiums and low-income housing. Last year, redevelopment agencies diverted $5.4 billion in local taxes - 12% of all property taxes. That amounted to $2.7 billion taken from public schools and $646 million from counties. There is no money to backfill these losses.” (Read Assemblyman Norby’s entire article in Issue 6 of his Norby Notes at http://arc.asm.ca.gov/member/72/?p=newsLetters)
With dozens of homes falling into foreclosure each month, the City could purchase these homes and sell them at a discount to targeted moderate-, low-, and very low-income families. With the money saved, the City could beautify parkways and medians, repave streets, and enforce the municipal code to keep properties safe and appealing.
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