SF Redevelopment Agency to borrow $28 million to help state

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.

Bay Area NewsGovernment & PoliticsPoliticsUnder the Dome

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Report sheds light on Nuru’s nonprofit donor scheme

City contractor payments to Parks Alliance spent at direction of Public Works director

Breed announces free permit for outdoor live music, amplified sound

San Francisco will make it easier for businesses to have outdoor live… Continue reading

Judge rules that census must not be rushed

A U.S. District Court judge issued a preliminary injunction Thursday evening that… Continue reading

Plans for new Flower Mart in Potrero Hill approved

The famed San Francisco Flower Mart’s new home in Potrero Hill was… Continue reading

Protests over death of Breonna Taylor reach Bay Area bridges

Protesters outraged by the lack of an indictment in the fatal shooting… Continue reading

Most Read