July 26, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Assemblyman Richard Bloom’s Redevelopment Fix Passes Key Committee

redevelopment
Assemblyman Richard Bloom listens to a question from a member of the committee. (Courtesy image)

This week, the Assembly Committee on Housing and Community Development approved AB 2493, a bill by Assemblyman Richard Bloom (D-Santa Monica) that would allow free up approximately $750 million in redevelopment proceeds statewide that have been held hostage by the state since redevelopment agencies were dissolved in 2011.

“When the Legislature and Governor stripped redevelopment agencies away from cities in 2011, we lost a major tool in fighting blight and reinvigorating our local economies,” said Bloom.  “Worst of all, many cities like West Hollywood and Santa Monica were in the middle of major projects when the state withheld their funds. This bill will allow us to get back on track with important economic development projects overwhelmingly supported by these communities.”

In 2011, facing a severe budget shortfall, the Governor and Legislature dissolved redevelopment agencies and redirected $1.7 billion away from various community development and affordable housing projects. Unfortunately, many local redevelopment agencies had already legally issued bonds for local projects and must now make debt payments even though they cannot reap the economic benefits of the now stalled project.

Statewide, approximately $750 million in 2011 redevelopment bond proceeds are sitting idle and cannot be used. If current law prevails, cities will make debt payments for a decade, costing them nearly $1 billion while not completing a single redevelopment project.  These non-productive debt payments will further depress local economic activity throughout the state.

According to SmartCitiesPrevail, a nonprofit that provides research to cities, releasing the bond proceeds for the intended projects would generate approximately 19,000 high wage construction and related jobs. Funding the redevelopment projects would also create over $2.8 billion in statewide economic activity and provide $130 million in new state and local tax revenues.

“While improving, our economy is still struggling to get back on its feet. This bill offers a common sense solution that will foster job creation, economic development, affordable housing construction, and the completion of needed infrastructure projects. The bonds are there waiting. We just need to allow local governments to use them,” added Bloom.

AB 2493 passed the Assembly Committee on Housing and Community Development on a bipartisan, 7-0 vote. It also passed the Assembly Committee on Local Government on a bipartisan, 8-0 vote last week. The bill will next head to the Assembly Committee on Appropriations.

Richard Bloom chairs the Assembly Budget Subcommittee on Natural Resources and Transportation. He represents California’s 50th Assembly District, which comprises the communities of Agoura Hills, Bel Air, Beverly Hills, Brentwood, Hollywood, Malibu, Pacifica Palisades, Santa Monica, Topanga, West Hollywood, and West Los Angeles.

Related Posts

In Your Time of Need, Woodlawn Cemetery is Available

July 25, 2025

July 25, 2025

By Susan Payne  For over 125 years, Woodlawn Cemetery, Mausoleum & Mortuary, wholly owned and operated by the city of...

Going for the throat

July 25, 2025

July 25, 2025

Coach Bill Schuman expects protégé Golda Zahra to hold back nothing  By Linda Chase World famous competitors hire special coaches...

Suspect Arrested in Fatal Brentwood Whole Foods Stabbing, Area to See Increased Police Presence

July 25, 2025

July 25, 2025

The suspect, initially described as a man in his early 20s wearing dark clothing, fled the scene on foot.  A...

(Video) Seniors Age with Dignity at Wise & Healthy Aging’s Adult Day Center

July 25, 2025

July 25, 2025

For More Information, Go To Wiseandhealthyaging.org/ Seniors Age with Dignity at Wise & Healthy Aging’s Adult Day Center. For More...

California Reports 13% Drop in Vehicle Thefts in 2024, First Decline Since 2019

July 25, 2025

July 25, 2025

Southern California accounted for 53.21% of thefts, with Los Angeles County alone representing 61.83% of the region’s total California reported...

LAPD Pacific Boosters’ West LA Summer Carnival Takes Place This Weekend

July 24, 2025

July 24, 2025

The carnival will feature amusement rides for all ages, arcade-style games, and traditional fair food The LAPD Pacific Area Boosters...

Venice Ale House is Now the European-Inspired ‘Venice Beach Club’

July 24, 2025

July 24, 2025

The menu features items like steak frites, crudo, and house-made pizzas, under the direction of Executive Chef James Samuel A...

Metro D Line to Resume Service, Paving Way for Future Westwood and West LA Connection

July 24, 2025

July 24, 2025

The work is part of Metro’s “Twenty-Eight by ’28” initiative—a slate of infrastructure projects aimed at improving transportation ahead of...

More than 80 West LA Restaurants will Showcase Cuisine and Flavor in DineLA 2025

July 23, 2025

July 23, 2025

The Westside features restaurants offering prix-fixe lunch and dinner menus ranging from $15 to $65 From the sandy shores of...

CineMalibu Returns with Free Outdoor Movie Nights at Malibu Bluffs Park

July 23, 2025

July 23, 2025

Attendees are encouraged to bring blankets and low-back chairs, with seating available on a first-come, first-served basis CineMalibu, a beloved...

County Sheriff Oversight Elects New Leadership Team

July 23, 2025

July 23, 2025

Established in 2016, the commission aims to enhance LASD transparency and public trust through policy analysis and community engagement The...

Amid Federal Funding Cuts, County Seeks Input on Public Health Priorities

July 23, 2025

July 23, 2025

DPH is urging residents to share how public health efforts affect their communities and identify key areas for future focus...

CicLAvia to Open 6.75 Miles of Car-Free Streets from Culver City to Venice

July 22, 2025

July 22, 2025

The event features four hubs: Arts District on Washington Blvd., Downtown Culver City near the Culver Hotel, Mar Vista on...

(Video) Where great minds grow at The Willows Community School

July 22, 2025

July 22, 2025

The Willows, a DK-8 co-educational school, enrolls 474 students from 57+ zip codes annually. As a balanced, progressive educational leader, experiential learning,...

Mayor Bass, Veterans Demand Troop Withdrawal as Marines Exit City

July 22, 2025

July 22, 2025

Bass, alongside California State Senator and Marine Corps veteran Caroline Menjivar, condemned the deployment as “unnecessary, unprecedented, and unconstitutional.” Los...