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03/07/2011 ORIGINAL RESOLUTION NO. 15100 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY OPPOSING THE ADMINISTRATION'S PROPOSAL TO ABOLISH REDEVELOPMENT AGENCIES IN CALIFORNIA WHEREAS, the use of Tax Increment Financing through local Redevelopment Agencies is among the most powerful and successful government tools for creating much - needed community development projects, is an essential instrument for economic recovery at both the local and state level, builds and improves communities, spurs job growth and taxes for critical community services, and is the most significant provider of infrastructure, urban development, and affordable housing in California; and WHEREAS, throughout California, redevelopment activities support 304,000 jobs annually, including 170,600 construction jobs, contribute over $40 billion annually to California's economy in the generation of goods and services, and generate more than $2 billion in state and local taxes in a typical year; and WHEREAS, in Redwood City, redevelopment has been crucial to the creation of critically- needed housing developments with below- market rate elements including City Center Plaza, Franklin Street Apartments, Villa Montgomery; it was responsible for revitalization projects such as parcel assembly, downtown streetscape improvements, and storefront improvement programs, enhancing the retail environment; it spurred the creation of parking garages in support of downtown events and retailers; and was largely responsible for our Courthouse Square, which has become the community's central gathering spot and location for hundreds of special events each year, many supported by redevelopment, bringing tens of thousands of people downtown and creating local economic activity estimated at $3 million last year; and WHEREAS, as part of his 2011 -12 Budget Proposal, the Governor has proposed permanently abolishing California's more than 400 local redevelopment agencies; and WHEREAS, this proposal represents more of the same misguided and illegal State budget raids of local government funds that voters have repeatedly sought to end, most recently in November, 2010, when 61% of voters elected to stop State raids of local government funds, including redevelopment funds; and WHEREAS, according to the State Controller's Office, this proposal will bring very little financial benefit to the State, since redevelopment agencies have more than $87 billion in bond and other contractual obligations that legally must be repaid before revenues are available to any other purpose, offering little if any State savings in future years; and WHEREAS, this proposal will destroy local economic development, including hundreds of thousands of jobs and billions of dollars in local economic activity throughout California, including an estimated nearly 800 jobs in Redwood City; will remove Redwood City's ability to continue its Downtown revitalization; make it extremely unlikely that the city can support future below market rate housing; and erase Redwood City's ability to address existing blight conditions in our community; and ATTY/RESO/RESO.21 07 REDEVELOPMENT #15100 030111 MUFF # 205 1