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1 <br /> 8.0 <br /> Page 3 <br /> RESOLUTION NO. <br /> RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br /> OPPOSING THE ADMINISTRATION'S PROPOSAL TO ABOLISH <br /> REDEVELOPMENT AGENCIES IN CALIFORNIA <br /> WHEREAS, the use of Tax Increment Financing through local Redevelopment Agencies <br /> is among the most powerful and successful government tools for creating much - needed <br /> community development projects, is an essential instrument for economic recovery at both the <br /> local and state level, builds and improves communities, spurs job growth and taxes for critical <br /> community services, and is the most significant provider of infrastructure, urban development, <br /> and affordable housing in California; and <br /> WHEREAS, throughout California, redevelopment activities support 304,000 jobs <br /> annually, including 170,600 construction jobs, contribute over $40 billion annually to California's <br /> economy in the generation of goods and services, and generate more than $2 billion in state <br /> and local taxes in a typical year; and <br /> WHEREAS, in Redwood City, redevelopment has been crucial to the creation of <br /> critically- needed housing developments with below-market rate elements including City Center <br /> Plaza, Franklin Street Apartments, Villa Montgomery; it was responsible for revitalization <br /> projects such as parcel assembly, downtown streetscape improvements, and storefront <br /> improvement programs, enhancing the retail environment; it spurred the creation of parking <br /> garages in support of downtown events and retailers; and was largely responsible for our <br /> Courthouse Square, which has become the community's central gathering spot and location for <br /> hundreds of special events each year, many supported by redevelopment, bringing tens of <br /> thousands of people downtown and creating local economic activity estimated at $3 million last <br /> year; and <br /> WHEREAS, as part of his 2011 -12 Budget Proposal, the Governor has proposed <br /> permanently abolishing California's more than 400 local redevelopment agencies; and <br /> WHEREAS, this proposal represents more of the same misguided and illegal State <br /> budget raids of local government funds that voters have repeatedly sought to end, most recently <br /> in November, 2010, when 61 % of voters elected to stop State raids of local government funds, <br /> including redevelopment funds; and <br /> WHEREAS, according to the State Controller's Office, this proposal will bring very little <br /> financial benefit to the State, since redevelopment agencies have more than $87 billion in bond <br /> and other contractual obligations that legally must be repaid before revenues are available to <br /> any other purpose, offering little if any State savings in future years; and <br /> WHEREAS, this proposal will destroy local economic development, including hundreds <br /> of thousands of jobs and billions of dollars in local economic activity throughout California, <br /> including an estimated nearly 800 jobs in Redwood City; will remove Redwood City's ability to <br /> continue its Downtown revitalization; make it extremely unlikely that the city can support future <br /> below market rate housing; and erase Redwood City's ability to address existing blight <br /> 9 g <br /> conditions in our community; and <br /> WHEREAS, eliminating redevelopment will take away p y one of the few tools local <br /> governments have to comply with state requirements to plan for more compact urban <br /> development supported by transit - oriented development, housing, jobs and infrastructure; and <br /> ATTY/RESO /RESO.2107 REDEVELOPMENT <br /> 030111 <br /> 1 <br />