Redevelopment
Redevelopment finance is one of the least understood subjects in local government. The recent referendum on redevelopment in Lodi is a perfect example of how a positive aspect of redevelopment can be horribly misrepresented by the opposition.
It is a shame that Lodi continues to be one of the largest cities in the state without a redevelopment agency. Without Redevelopment, Lodi is lacking one of the few tools left to replace aging infrastructure, provide affordable housing and foster economic development.
The City of Manteca has generated hundreds of millions of dollars in economic activity, constructed tens of millions of dollars in infrastructure, provided desperately needed affordable housing for seniors and created new, modern commercial centers -- all due to adopting redevelopment areas over the past two decades.
Typically, your local government receives between ten and twenty percent of your property tax dollar. In a redevelopment area, it receives between eighty and one-hundred percent. In Manteca, that means we receive $15 million additional dollars per year. These are dollars that would mostly be going back to Sacramento. By voting down redevelopment, the citizens of Lodi have likely given away several hundred million dollars in future revenue--dollars that could go to replace aging infrastructure, revitalize neighborhoods and reconstruct and rehabilitate community facilities.
In future posts, I'll be talking more about the benefits generated via redevelopment.
It is a shame that Lodi continues to be one of the largest cities in the state without a redevelopment agency. Without Redevelopment, Lodi is lacking one of the few tools left to replace aging infrastructure, provide affordable housing and foster economic development.
The City of Manteca has generated hundreds of millions of dollars in economic activity, constructed tens of millions of dollars in infrastructure, provided desperately needed affordable housing for seniors and created new, modern commercial centers -- all due to adopting redevelopment areas over the past two decades.
Typically, your local government receives between ten and twenty percent of your property tax dollar. In a redevelopment area, it receives between eighty and one-hundred percent. In Manteca, that means we receive $15 million additional dollars per year. These are dollars that would mostly be going back to Sacramento. By voting down redevelopment, the citizens of Lodi have likely given away several hundred million dollars in future revenue--dollars that could go to replace aging infrastructure, revitalize neighborhoods and reconstruct and rehabilitate community facilities.
In future posts, I'll be talking more about the benefits generated via redevelopment.
Labels: Redevelopment
posted by City Manager @ 7:08 AM
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