AB 2 BRINGS BACK SOME “REDEVELOPMENT” TOOLS

Our friends Seth Merewitz and Sigrid K. Asmundson, from Best Best & Krieger, have taken a look at AB 2 (Alejo D) and provide the following regarding this important change in law:

“The next chapter in California’s long history with community redevelopment has just been written. Whether this chapter will be a comedy or tragedy remains to be seen. What is clear is that the significant authority of redevelopment agencies (property tax increment and eminent domain) are now again available to local government agencies in California. However, where this authority can be utilized is more focused on disadvantaged communities that have low income, high unemployment and high crime. The utility of this new legislation will be seen over the next several months and years. “

Click here to read the full article, “AB 2 Appears to be the Long-Awaited Redevelopment Replacement Law”

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