SB 628-Infrastructure Financing District

SFBayCAPR – excerpt

Redevelopment on steriods sounds like SB1 under another name. SB-628 Could Help Fund PDAs Tell Gov Brown to VETO this bill.

Senate Bill 628 by Sen. Jim Beall, D-San Jose, surfaced just four days before adjournment.

It would re-establish local government redevelopment agencies as “enhanced infrastructure financing districts” with virtually all their former powers.

But it eliminates many of redevelopment’s safeguards, such as a requirement to establish “blight,” and also lowers the vote for bonds to 55 percent. Thus, it would re-establish – and even enhance – cities’ ability to engage in crony capitalism with subsidies for favored developers. Read the full article here

Lawmakers Approve Legislation Giving Cities More Robust Tools for Building InfrastructureBy Justin Ewers.

After years of seeking more authority to make much-needed investments in local infrastructure and economic development projects, California’s local governments were handed a robust new financing tool by the Legislature last week when lawmakers approved Senator Jim Beall’s SB 628, a bill that expands the authority of an existing investment mechanism known as Infrastructure Financing Districts…(more)

State Senator Jim Beall, author of SB 628
SACRAMENTO — Furnishing local governments with a new way to pay for improving and expanding their infrastructure, the Legislature today approved Senator Jim Beall’s SB 628. The bill now goes to the Governor for his consideration.

“This bill will help local jurisdictions finance transportation projects and transit-oriented development,” Beall said. “The cost of maintaining or building much-needed transportation projects is estimated to be over $500 billion over the next decade for the entire state”… (more)

The bill is sitting of Gov Brown’s desk. If you want him to veto it:
California Governor Jerry Brown
State Capitol, 1st Fl., Sacramento, CA 95814

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