AB 3037, as introduced, Chiu. Redevelopment.
The California Constitution, with respect to any taxes levied on taxable property in a redevelopment project established under the Community Redevelopment Law, as it then read or may be amended, authorizes the Legislature to provide for the division of those taxes under a redevelopment plan between the taxing agencies and the redevelopment agency, as provided.
Existing law dissolved redevelopment agencies as of February 1, 2012, and designates successor agencies to act as successor entities to the dissolved redevelopment agencies.
This bill would state the intent of the Legislature to enact subsequent legislation that would authorize a city or county, subject to the approval of the Department of Finance, to form a redevelopment housing and infrastructure agency, and would authorize that agency to exercise powers that are similar to powers previously granted to redevelopment agencies in order to finance housing and infrastructure projects.