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Alameda Residents Should Watch the Cow Palace

Alameda residents interested in the machinations of the state-wide redevelopment machine, and how it relates to local issues, should closely follow the unfolding drama of the the Cow Palace in Daly City.

The state Senate Agriculture Committee refused to act on a bill (SB1527) introduced by Sen. Leland Yee, D-San Francisco, which would have declared the state-owned exhibition hall surplus property and paved the way for it to be turned over to Daly City and redeveloped.

Daly City is a “redevelopment” city with roughly $5.5 million per year in tax increment revenue and roughly $445 million of assessed property value in redevelopment projects, according to the most recent State Controller’s Report on redevelopment.

The City of Alameda has roughly $1.2 billion worth of assessed property value under redevelopment, and the redevelopment agency – the Community Improvement Commission – brings in $10 to $12 million in property tax increment revenue each year.

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