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Uh-Oh, Cerritos. Redevelopment Mess May Lead to Bankruptcy

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[Cerritos Center for Performing arts via City of Cerritos web site]

Some people say "Yes" to Cerritos, and some people say "No!" Such is the case with State of California, who's action to take $170 million in cash and property from the small city has sent shockwaves throughout communities around the state, as they prepare for similar grabs by State authorities. The list of properties owned by the dismantled redevelopment agency that the State wants to take back from Cerritos and sell to the highest bidder is mind boggling. Per the Press Telegram they include the Cerritos Center for the Performing Arts, the Jaguar/Land Rover, Kia and Lincoln dealerships, Reservoir Hill Park and water reservoir, Fire Station #30 on Pioneer Boulevard, and the Liberty Park Community Center Annex, among others. The State claims that the former Cerritos redevelopment agency failed to transfer the properties to the City by the required date. Cerritos Mayor Bruce Barrows has now stated that the take by the State, which also includes $50 million in rent and loan payments, may bankrupt the City. It's still unclear what could or would happen to a park or other public facility reclaimed by the State, considering the park is zoned for park use and a performing arts center isn't exactly a revenue machine. But maybe that's Jerry Brown's problem now.
· Cerritos threatening legal action after report says it must return $170 million in property, cash [Press-Telegram]
· Cerritos Mayor Barrows: 'The worst that could happen is that we go bankrupt' [Downey Beat]