Special town meeting: Truckee looking fast to save millions in RDA funding
TRUCKEE, Calif. and#8212; In an effort to prevent the state from raiding millions of dollars in redevelopment funds, the town of Truckee has called a special meeting under warnings from Sacramento that a legislative decision could happen as early as Wednesday.
and#8220;Word was received on Friday afternoon that the legislature could act on legislation terminating redevelopment agencies on Wednesday or Thursday and it is likely to pass and be sent to the Governor on the same day,and#8221; staff told town council in a report.
The Tuesday morning meeting will be a joint one between town council and the Truckee Redevelopment Agency.
The town report recommends immediate action by town council to protect funding for more than a dozen projects, including the West River Street redevelopment, Brickelltown Streetscape Improvement Project and Trout Creek restoration.
Staff also recommends encumbering funds for redevelopment agency programs including the First-Time Home Buyers Down Payment Assistance Program, Historic Preservation Financial Assistance Program, Small Business Loan Program, Downtown Streetscape Improvement Loan Program and the Downtown Economic Development Program.
and#8220;This is certainly not the way the town customarily (or prefers) to deal with complex and important issues. Unfortunately there is no choice at this point,and#8221; town staff said.
Town staff recommends encumbering funds through three separate funding agreements and#8212; the first for capital improvement projects, the second for redevelopment programs and the third to allot $3 million for partnership funding for the West River redevelopment.
According to the draft bill to disband redevelopment agencies and#8212; released by the California Department of Finance on Feb. 23 and#8212; town staff said it appears encumbering is a legally legitimate option for the town.
and#8220;(The bill language) appears to say that contractual obligations incurred prior to the enactment of the legislation are exempt,and#8221; staff said.
According to numbers from February 2010, the town of Truckee’s RDA held roughly $12.5 million in bond revenue.
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