City, Redevelopment Agency Look to Protect Funding

A special meeting tonight will attempt to establish contracts between the city and its redevelopment agency to protect funds and complete current projects.

The suggested contracts are in response to Gov. Jerry Brown's proposed state budget announced Jan. 10. His plan includes a combination of cuts and restructuring of local governments to help close a $25 billion projected deficit for the upcoming fiscal year.

Brown's proposed budget calls for scrapping all redevelopment agencies throughout the state, which Mayor Marshall Kamena referred to in last week's City Council meeting as a .

Such a move is expected to return billions of dollars in property-tax revenues to cities, counties and schools, according to the proposal.

The contracts that will be considered tonight will hold the city responsible for completing projects outlined in the redevelopment agency's five-year implementation plan, which runs through 2014.

The cost of projects and programs in the proposed agreement is more than $238 million, according to a city staff report.

The list include public improvements, housing projects and property development.

In addition, various programs to remove blight in town and increase economic activity are listed.

The big ticket item on the list is the , which has a price tag of about $167 million over the next 30 years, officials said.

Three-fourths of the financing to pay off the project debt is expected to come from the redevelopment agency.

Tonight's meeting begins at 6:30 p.m. and will be held in the Cabernet Room of . View the agenda here.

Zoneil Maharaj contributed to this report.