LOS ANGELES COUNTY – Los Angeles County Mayor Michael D. Antonovich described a proposal by 10 city redevelopment agencies to give the state $1.7 billion in return for a 10-year extension of redevelopment projects – loan sharking. The extension will result in a loss of nearly $30 billion in revenue to counties and school districts throughout the state.
“Charging taxpayers an interest rate of nearly 30% steals money from public safety and vital services,” said Antonovich who noted that, inCalifornia , there are usury laws that protect consumers from exorbitant interest rates. “The Governor and legislature must get serious and address the state budget deficit through spending cuts and reforms -- not continued borrowing and tax increases which have led to a $26 billion dollar deficit.”
Moreover, the proposal would short change Los Angeles County taxpayers nearly $5.5 billion in funding for vital services including public safety, libraries, schools and special districts.
School districts also oppose the redevelopment proposal because it would reduce their increase to $8.00 per pupil versus $170.00 per pupil.
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