Alameda City Council will receive an annual report on the city’s redevelopment agency tonight at a special joint meeting of Alameda City Council and the Community Improvement Commission.
The Community Improvement Commission is the local redevelopment agency authorized under state law; the agency is governed by Alameda council members sitting as commissioners.
According to the annual report for the fiscal year ended June 30th, 2011, total agency revenues were $15.0 million in 2011. $14.71 million of that revenue came from incremental property taxes, tax revenue diverted from the normal property tax stream to pay back bonds issued by the redevelopment agency to fund projects.
Earlier this year, California Governor Jerry Brown signed into law legislation that would eliminate the more than 400 redevelopment agencies across California, citing more than $5 billion per year that the agencies divert to development subsidies, thereby placing increased pressure on the State of California to backfill school funding. The California Redevelopment Association has sued to prevent the law from taking effect.
A ruling on the lawsuit is expected next month.