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CRA Owes $70 Million

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LA's Community Redevelopment Agency would have to pay about $70 million to California under the redevelopment agency-raiding bills passed by the state legislature in June, reports the Architect's Newspaper (one bill dissolves the agencies; the other prevents dissolution if cities buy in). That's just the first installment--they think they could pay about $38 million later on. The CRA/LA, which is "by far the largest redevelopment agency in the state," is waiting for the city's decision on what to do, but the rumor is that 9 of the 10 largest redevelopment agencies will be kept alive (sorry, San Jose). [A/N, previously]