What is a Redevelopment Agency?
Created by California Community Redevelopment Law, redevelopment agencies, through the combined efforts of government, the community and the private sector, pursue the elimination of economic, social and physical blight. A deteriorating area does not pay its own way and quickly becomes a financial drain on the entire city. Oceanside’s Redevelopment Agency is governed by the City Council acting as the Community Development Commission. The City Council and the Redevelopment Agency are two separate, distinct legal entities.
What is a Redevelopment Plan?
A redevelopment plan is the basic framework for planning and implementing the revitalization activities of the project area.
How is a redevelopment agency funded?
When a redevelopment agency is formed, the current assessed property values within a project area are designated as the base value. As the property value increases over time the tax revenues generated by the property will also increase. This increase is called tax increment and is a primary source of income to the redevelopment agency. A redevelopment agency also issues tax allocation bonds to help pay for redevelopment projects. Redevelopment agencies fund themselves after making improvements to the community and any financial obligation of an agency is not the City’s financial obligation.
Do I pay more taxes to fund the Downtown Redevelopment Project Area in Oceanside?
No. Increases in the amount of property tax in the Redevelopment Project Area only are used to fund projects in the Redevelopment Project Area. The Redevelopment Agency has not taxing authority and cannot raise taxes.
What is a Redevelopment Project Area?
A project area is that area of the city that suffers some sort of physical, social or economic decline and is the focus of revitalization. A proposed project area must go through a public hearing process before being adopted.
How does redevelopment benefit the community?
Redevelopment efforts revive an area through:
Creation of new jobs and housing opportunities
Development or improvement of buildings and public facilities
Planning and development of areas which are currently vacant or underused
Improved traffic circulation
Improved landscaping, street lights, storm drains
More retail shops, restaurants, cultural and other recreational opportunities
Reduction in crime
Higher property values
Create affordable housing opportunities