Redevelopment Agency Can Submit Revised Statement to Ensure Full Payment of Tax Increment Funds

摘要

California law does not prohibit a county from accepting a revised statement of indebtedness (SOI) from a redevelopment agency in order to make sure the county pays the agency all the tax increment funds to which it is entitled, ruled the California Court of Appeal, Second District, Division 5. (Glendale Redevelopment Agency v. County of Los Angeles, Nos. B212718, B213410, 2010 WL 2046920 (CalApp. 2 Dist.), May 25, 2010)rnPlaintiffs, community redevelopment agencies in Los Angeles County, prepare and implement redevelopment plans to eliminate blighted areas. They can fund such activities because they are entitled to a portion of the property tax increment attributable to the redevelopment project. The redevelopment agency calculates the amount through an SOI and submits it annually to the taxing authority.