LOS ANGELES-In the wake of the passage of AB 26, whichterminated more than 400 redevelopment agencies in California, thelargest oversight board in the state by far has made a successfulshowing. CR-LA recommended roughly 600redevelopment projects to the state Department ofFinance, and all of them have been approved by theDepartment to move forward.
“We’ve been getting lots of calls from other agencies asking howwe did it,” Richard Close, a real estate attorneywith Gilchrist & Rutter in Santa Monica, CA,who was appointed to the CR-LA oversight board, tells GlobeSt.com.Early in the process, CR-LA board members explained to the Agencythat it would carefully review all of its recommendations and onlyapprove those they thought were in strict compliance of thelaw.
“My goal was to build credibility with the Department ofFinance, so as we move forward, they can trust our judgment,” Closecontinues. “I don’t speak for the board on this, only myself.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
