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Real Estate Legal Alert
August 10, 2011              
Perry Patrick A

Patrick A. Perry
Partner
Land Use | Energy & Cleantech | Telecommunications | Real Estate | Infrastructure
Los Angeles
(213) 955-5504
(213) 620-8816 (fax)
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Land Use, Real Estate



About Allen Matkins

Allen Matkins, founded in 1977, is a California-based law firm with approximately 220 attorneys in four major metropolitan areas of California: Los Angeles, Orange County, San Francisco and San Diego. The firm's core specialties include real estate, real estate and commercial finance, bankruptcy and creditors' rights, construction, land use, natural resources, environmental, corporate and securities, intellectual property, joint ventures, taxation, employment and labor law, and dispute resolution and litigation in all these matters. More...


 

     

New Budgets Calls for Reallocation of Local Redevelopment Revenue Back to the General Fund

New Budget Calls for Reallocation of Local Redevelopment Revenue Back to the General Fund

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For more than half a century, the California Redevelopment Law has provided a mechanism to generate funds for the redevelopment of blighted areas in cities and counties throughout California. As part of the effort to balance the State budget, Governor Jerry Brown signed ABX1 26 and ABX1 27 on June 28, 2011, which effectively terminate all redevelopment agencies statewide unless individual redevelopment agencies agree to transfer portions of their revenues for allocation to other public agencies. The effect of this legislation will be to eliminate or significantly curtail redevelopment activities in communities throughout the state.