Gov. Signs Fletcher Legislation to Increase Redevelopment Cap

As controversial as this has been, it’s appropriate that we show you Assemblyman Nathan Fletcher’s take (carefully worded to address many of the concerns brought up)…

Gov. Signs Legislation to Create Jobs, Keep SD Taxpayer Money in SD

Yesterday Governor Schwarzenegger signed legislation that we introduced to lift the cap on redevelopment money that can be invested in San Diego. Without action, these taxpayer dollars – our tax dollars – would have gone back to Sacramento and cost our city and region 110,000 jobs and and billions of dollars in infrastructure investment.

The legislation signed yesterday takes decisive action to keep billions of dollars of San Diego money here in San Diego where it will put people in our region back to work.

While the legislation was passed quickly during the budget process, it was the result of a bipartisan effort which included a rigorous floor debate and a required 2/3rds vote of approval from both the State Assembly and then the State Senate. With the cap lifted, the City Council can now begin the public process of analyzing how best to invest the funds on needed infrastructure. The Council has ultimate discretion over which projects are approved and will vote on each before any funds are spent.

What you should know about redevelopment in San Diego:

• Billions of dollars of San Diego taxpayer money will stay in San Diego for the next 30 years instead of returning to Sacramento.
• Redevelopment money will be invested in critical infrastructure that serves the needs of our city.
• Tens of thousands of San Diego jobs will be created – estimate is 110,000 jobs.
• Not a single dollar will be spent without a vote of the San Diego City Council, ensuring that the public will remain informed and have the chance to weigh in on each and every potential project.
• Redevelopment is expected to benefit the city General Fund. An independent analysis shows that the slight drop in property tax because of lifting the cap will be more than made up by the natural increase in sales and TOT taxes resulting from redevelopment.
• This effort will allow hundreds of projects to be considered including: street repair, parks, convention center expansion, affordable housing and many others.

There were some concerns raised regarding the public process moving forward. On Monday, we joined Mayor Sanders, Councilwoman Donna Frye, Councilman Kevin Faulconer, and County Supervisor Ron Roberts to announce an agreement on a process to move forward with redevelopment that includes:

1. 1. a full economic analysis for the City of San Diego to determine any financial impacts to city before projects are considered.
2. 2. a series of public forums and hearings to encourage the public to weigh in with thoughts and ideas on possible projects.
3. 3. negotiations between the County of San Diego and City of San Diego to ensure that funds are properly allocated.

Please click here for a more in-depth fact sheet and analysis, and let us know if you have any questions or concerns.This is a good step forward for San Diego. Lifting the redevelopment cap will keep our local dollars here, ensure proper public input before any projects are approved, and, most importantly, get San Diegans back to work.

Best,

Nathan Fletcher