Bloom, whose 50th Assembly district includes West Hollywood, won approval this week from the Assembly Committee on Housing and Community Development of a bill he introduced that would require the state to make available up $750 million that had been in funds managed by local redevelopment agencies. The state dissolved those agencies in 2011, leaving West Hollywood and a number of other cities without the money they were counting on to proceed with major projects.
West Hollywood had planned to finance the Plummer Park renovations with $14 million in redevelopment money and $27 million in bond money. In March 2011, the city issued $30 million in bonds for the project at an eight percent interest rate to be paid back over 30 years ($3 million of that bond money was set aside for the cost of issuing the bonds and for repayment of the debt).
When the state, facing financial difficulties, dissolved the redevelopment agencies it allowed West Hollywood and other cities to establish so-called successor agencies to determine what projects already underway could continue to be funded with redevelopment money. The state ruled that Plummer Park was not among them.
Bloom’s bill was approved by the Assembly Committee on Local Government last week and now will go before the Committee on Appropriations.
Since the 2011 dissolution of the redevelopment agencies, West Hollywood has made major changes in its plans for Plummer Park. One of the biggest is a decision to drop plans to build a 179-space parking garage.
Redevelopment of the park has been a major issue, with some residents organizing to demand that it be preserved largely as it is and objecting to plans to tear down the WPA era Great Hall/Long Hall. The City Council has since agreed to investigate the possibility of moving Great Hall/Long Hall to a new location.
What was the process that changed the plan for Plummer Park? Where can I see the new plan? When was there “a decision to drop plans to build a 179-space parking garage”?
I am not sure there are answers to those questions, just wondering if anyone knows.
If we get the redevelopment money, I hope we can put it towards a project that people actually want. And I hope we’ll have a council majority that agrees.
In the meantime that 8% tax free yield looks pretty good for the lenders.