Politics & Government
Council Set to Extend Life of Redevelopment Agency
By submitting a schedule to the state, the Foster City Community Development Agency can continue to make payments through the end of the year.
The City Council tonight will consider approving a payment schedule which may extend the life of Foster City’s Community Development Agency, which is .
ABx1 26 calls for eliminating local redevelopment agencies by Oct. 1 unless governments adopt a payment schedule for “enforceable obligations,” including bonds, loans, and lawsuit settlements, according to
Here’s a sampling of the Community Development Agency’s obligations from June 29 through the end of the year:
- Payments of $233,500 and $237,500 to the San Mateo Union High School District under a 1991 stipulated judgment.
- An affordable housing subsidy of $1,050,000 to Sares Regis, developer of Pilgrim-Triton Project.
- A $110,000 grant and $172,000 affordable housing subsidy to PWM Residential Ventures LLC for the Marlin Cove Project.
For the full list, .
While the agency is planning to make good on its existing obligations, "redevelopment agencies are not allowed to adopt new project areas, enter into new contracts, or incur additional indebtedness," the report says.
The council meeting starts at 6:30 p.m. at the City Council Chambers, 620 Foster City Blvd.
