Redevelopment Agency of the City of Downey: plan amendment.

The Community Redevelopment Law authorizes the establishment of redevelopment agencies in communities in order to address the effects of blight, as defined, in those communities and requires those agencies to prepare, or cause to be prepared, and approve a redevelopment plan for each project area. Existing law authorizes the legislative body to amend or modify the plan by ordinance upon the recommendation of the agency and establishes procedural requirements and restrictions related to amendment of the plan. Section 16 of Article XVI of the California Constitution authorizes a redevelopment agency to receive funding through tax increments attributable to increases in assessed property tax valuation of property in a project area due to the redevelopment. Not less than 20% of tax increments generated from a project area are required to be used by a redevelopment agency to increase and improve the community's supply of low- and moderate-income housing. Redevelopment agencies also are required in specified years to remit an amount of revenue for deposit in various funds for allocation to school entities. This bill would authorize the redevelopment agency of the City of Downey to add described territory to a redevelopment project area within the city upon the adoption of an ordinance adopted by the city council that contains specified time limitations and restrictions. The bill would exempt the adoption of the amendment of the redevelopment plan to add the specified territory of the City of Downey from various requirements. The bill would authorize the agency to subordinate to bonded debt the amount required to be paid to an affected school entity upon a finding that the agency will have sufficient funds available to pay both the bonded debt payments and the required payments. The bill would provide that these provisions become operative on or after January 1, 2012, if the City of Downey finds and declares that Tesla Motors has not constructed a manufacturing operation in the described territory. The bill would make a legislative declaration regarding the need for a special statute. This bill would declare that it is to take effect immediately as an urgency statute.