The San Francisco Redevelopment Agency plans to borrow tens of millions of dollars to fill a budget shortfall caused by California’s budget crisis.
California has demanded that its redevelopment agencies, which are self-funded state agencies, provide a total of $2.05 billion to help plug the state’s budget hole. The California Redevelopment Association is fighting the plan in Sacramento Superior Court.
To come up with the money that California is demanding from the San Francisco Redevelopment Agency, the agency plans to sell $28 million in bonds, according to Executive Director Fred Blackwell.
If the bond sale is not approved by the Board of Supervisors, or if the sale fails, the agency would need to suspend four or five projects and reduce its future construction workforce by more than 400 jobs over the next two years, according to Blackwell.