Redevelopment Update: New Legislation and Designation of Successor Agencies

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Despite the launch of two bills — one that would delay the effective dissolution date of redevelopment agencies (RDAs) across the state and another that would allow cities to retain affordable housing funds — cities are scrambling to meet the February 1 court-ordered deadline to shut down their RDAs.

Many cities have already elected to retain their RDAs' assets and obligations as "successor agencies." San Diego, Oakland, Menlo Park, Santa Rosa, Salinas, Napa City, Simi Valley, Sonoma City, Ukiah, Santa Clarita, Los Gatos and Newark are among the many cities reported to have voted last week to retain their RDAs' assets and obligations and name themselves as successor agencies.

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Published In: Administrative Agency Updates, Finance & Banking Updates, Residential Real Estate Updates, Tax Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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