Secretary of State No.

137

Description

REDEVELOPMENT PLANS. TAX-INCREMENT FINANCING INITIATIVE STATUTE. Permits referendum to challenge ordinances adopted after 12/31/74, with specified exceptions, which affect redevelopment plans by authorizing financing from tax revenues attributable to increased value of project area properties arising after the adoption of the ordinance approving such financing. Prohibits expenditures or incurrence of obligations for project after petition qualifies for ballot until election is held. Requires that information concerning potential tax increase resulting from ordinance appear on ballot. If ordinance is rejected by majority vote, tax-increment financing is repealed, but it shall be used to extinguish existing bond obligations. Financial impact: Minor increase in local costs.

Proponents

Alan Robbins, Room 5091, State Capitol, Sacramento, California 95814 Telephone (916) 445-3121; Ernani Bernardi, 7335 Katherine Avenue, Van Nuys, California 91405; Richard Ferraro, 4351 Eagle Rock Boulevard, Los Angeles, California 90041; Philip Watson, 2424 Nottingham, Los Angeles, California 90027; Monroe F. Richman, M.D. Board Of Trustees Los Angeles Community College District, 2140 West Olympic Boulevard Suite 310, Los Angeles, California 90006

Date

3-2-1976

Document Type

Initiative

Qualified

Failed to Qualify

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