SCH Number 2008112103

Project Info

Title

Amended/Restated Redevelopment Plan for the Richmond Merged Project Area

Description

The proposed Amended Redevelopment Plan would amend the existing constituent Redevelopment Plans to: (1) increase the limit on the amount of tax increment revenue that the Agency may claim from the portions of the Merged Project Area subject to the current limit of $521.4 million to a revised limit of $1.06 billion; (2) increase the limit on the principal amount of bonded indebtedness secured by tax increment revenue that may be outstanding at any time for the 2005 Added Area to the Nevin Project Area from the current limit of $150 million and for the remaining Merged Project Area from the current limit of $250 million to a revised combined limit of $1.61 billion; (3) extend the time limit for eminent domain authority over non-residential properties and unoccupied residential properties for up to 12 years, but no longer than the plan effectiveness limit for applicable Constituent Project Areas within the Merged Project Area other than the Galvin Project Area; (4) amend, restate, and consolidate the redevelopment plans for the nine Constituent Project Areas within the Merged Project Area into a single consolidated redevelopment plan for the Richmond Merged Redevelopment Project Area, which incorporates the applicable provisions from each of the current Constituent Redevelopment Plans; and (5) update various text provisions from the Constituent Redevelopment Plans to conform to the current requirements of the Community Redevelopment Law.

5 documents in project