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Economic Development Department For LA?

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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]