AB 1234

  • California Assembly Bill
  • 2011-2012 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Redevelopment agencies: financing.

Abstract

(1) The Community Redevelopment Law authorizes the establishment of redevelopment agencies in communities to address the effects of blight, as defined, and to utilize various types of financing for that purpose. This bill would prohibit redevelopment agencies from using specified revenue for the promotion, recruitment, or retention of any professional sports team, or any related activity, as defined or for the development, planning, design, site acquisition, subdivision, financing, leasing, construction, operation, or maintenance of infrastructure, as defined, related to the occupancy, recruitment, or retention of any professional sports team. (2) The law authorizes redevelopment agencies to pay the principal of, and interest on, indebtedness incurred to finance or refinance redevelopment, from a portion of property tax revenues diverted from other taxing agencies. The portion of taxes diverted is the amount attributable to increases in assessed valuation of property in the redevelopment project area subsequent to establishment thereof. This method of financing is commonly known as "tax increment" financing and is specifically authorized by Section 16 of Article XVI of the California Constitution. The law also authorizes a redevelopment agency, in any redevelopment plan or in the proceedings for the advance of moneys or the making of loans or the incurring of any indebtedness, to finance or refinance, in whole or in part, a redevelopment project to irrevocably pledge its tax increment revenues for the payment of the principal of, and interest on, these loans, advances, or other indebtedness. This bill would make technical, nonsubstantive changes in those provisions that authorize a redevelopment agency to pledge its tax increment revenues for the payment on loans, advances, or other indebtedness.

Bill Sponsors (1)

Votes


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Actions


Feb 01, 2012

Assembly

From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

Assembly

Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

May 04, 2011

Assembly

In committee: Set, second hearing. Hearing canceled at the request of author.

Apr 11, 2011

Assembly

In committee: Set, first hearing. Hearing canceled at the request of author.

Apr 04, 2011

Assembly

Re-referred to Com. on L. GOV.

  • Referral-Committee
Com. on L. GOV.

Mar 31, 2011

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.

Assembly

Referred to Coms. on L. GOV. and H. & C.D.

  • Referral-Committee
Coms. on L. GOV. and H. & C.D.

Feb 20, 2011

Assembly

From printer. May be heard in committee March 22.

Feb 18, 2011

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB1234 HTML
02/18/11 - Introduced PDF
03/31/11 - Amended Assembly PDF

Related Documents

Document Format
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Sources

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