Action Alameda News asked Bonta’s office to state his position on legislative efforts to restore the use of tax increment financing for redevelopment projects in California; Governor Jerry Brown abolished the use of tax increment financing through redevelopment agencies in 2011 to return billions of dollars of property tax revenue each year to the state’s K-12 education system.
Since then, however, legislators across the state have been working re-enable the development subsidy mechanism, which borrows against future property taxes, either by the restoration of redevelopment agencies, or tweaks to separate law concerning Infrastructure Financing Districts, which also rely on tax increment financing.
Bonta’s office had sent out a missive touting funding awards for school districts in his electoral area, including $1.9 million for the Alameda Unified School District to implement Common Core academic standards, which prompted the question.
Rob Bonta jumped to the legislature last year, from Alameda City Council. That body recently hired a lobbyist to push for changes in state law to facilitate the use of tax increment financing to redevelop Alameda Point. City Council was also slated to receive a report last night that covered the financial impacts of using the mechanism to fund infrastructure development there.