Economic Development Department For LA?

Redevelopment agencies operated in cities across California to encourage development in rundown areas, until they were ordered shut in 2011. The agencies' closing has meant that their funding--a portion of the property tax in areas they redeveloped (which in LA comes to about $20 million annually)--has been up for grabs: "Most cities will no doubt vacuum up this new revenue and use it to keep the police department whole or pave more streets. But a few cities--and apparently Los Angeles is among them--are viewing these funds as possible seed money for a new, post-redevelopment economic development effort." [California Planning and Development Report]