Does the City of Glendora have a Community Redevelopment Agency and what does it do?
The City of Glendora has a Community Redevelopment Agency that was established in 1974. The Agency is a tool created by state law to assist local governments in eliminating blight from a designated area, as well as to achieve the goals of development, reconstruction and rehabilitation of residential, commercial, industrial and retail districts.
What type of assistance does the City of Glendora provide to businesses?
The City of Glendora provides assistance in:
Commercial Rehabilitation Program
Sign Rebate Program
Economic Development
Retention Program
Recruitment of new businesses
Promotion and marketing of the City of Glendora
Can redevelopment revenues be used outside of a Redevelopment area?
Yes, but the use is limited to affordable housing and publicly owned improvements and must demonstrate a benefit to the redevelopment area. Streets, sewers and storm drains are examples of possible redevelopment expenditures outside of a redevelopment area.
What is Redvelopment?
Redevelopment is a process created to assist City and County government in eliminating blight from designated area, and to achieve desired development, reconstruction and rehabilitation including but not limited to residential, commercial, industrial and retail.
What is a Redevelopment Agency?
The City Council Members are also the governing board for the Redevelopment Agency, however, the Council and the Agency are two separate, distinct legal entities. The Agency members hire staff to carry out the day-to-day operations and its development plans. In most Counties, the Board of Supervisors is the governing board.
Of what benefit to a citizen is being in a Redevelopment Project Area?
Redevelopment is one of the most effective ways to breathe new life into deteriorated areas plagued by social, physical, environmental or economic conditions which act as a barrier to new investment by private enterprise. Through redevelopment, a project area will receive focused attention and financial investment to reverse deteriorating trends, create jobs, revitalize the business climate, rehabilitate and add to the housing stock, and gain active participation and investment by citizens, which would not otherwise occur.
How do Redevelopment Agencies secure funds?
The state law makes available to Redevelopment Agencies a method of obtaining funds called "tax increment financing." On the date the City Council approves a redevelopment plan, the property within the boundaries of the plan has a certain total property tax value. If this total assessed valuation increases, most of the taxed that are derived from the increase go the Redevelopment Agency. These funds are called "tax increments." Usually, the flow of tax increment revenues to the agency will not be sufficient in itself to finance the full scope of redevelopment activities and development projects. Therefore, Agencies issue bonds. These bonds are not a debt of the City or County and are repaid solely from tax increment revenue. Tax increment can be used only in the same project which generates the revenue, except for residential projects which benefit low- and moderate-income households. Twenty percent of the tax increment must be set aside into a special fund for low- and moderate-income housing programs administered by the Redevelopment Agency.
