BILL NUMBER: AB 2	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Alejo

                        DECEMBER 1, 2014

   An act relating to economic development.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2, as introduced, Alejo. Community revitalization authority.
   The Community Redevelopment Law authorizes the establishment of
redevelopment agencies in communities to address the effects of
blight, as defined by means of redevelopment projects financed by the
issuance of bonds serviced by tax increment revenues derived from
the project area. Existing law dissolved redevelopment agencies and
community development agencies, as of February 1, 2012, and provides
for the designation of successor agencies to wind down the affairs of
the dissolved agencies and to fulfill the enforceable obligations of
those agencies. Existing law also provides for various economic
development programs that foster community sustainability and
community and economic development initiatives throughout the state.
   This bill would state the intent of the Legislature to enact
legislation that would authorize certain local agencies to form a
community revitalization authority within a community revitalization
and investment area, as defined, to carry out provisions of the
Community Redevelopment Law in that area for purposes related to,
among other things, infrastructure, affordable housing, and economic
revitalization, and to provide for the financing of these activities
by, among other things, the issuance of bonds serviced by tax
increment revenues.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  It is the intent of the Legislature to enact
legislation that would authorize certain local agencies to form a
community revitalization authority within a community revitalization
and investment area, as defined, to carry out provisions of the
Community Redevelopment Law in that area for purposes related to,
among other things, infrastructure, affordable housing, and economic
revitalization, and to provide for the financing of these activities
by, among other things, the issuance of bonds serviced by tax
increment revenues.