Governor Looks To Raid Redevelopment Funds
— by Jeffrey Wisniewski — 25 August 2008 — Comments Off
In order to balance the state budget, the Governor has proposed legislation that would raid city’s redevelopment funds. For the City of Hercules, “this is estimated to be approximately $570,000 a year.” Mayor Joanne Ward has written a letter to Arnold Schwarzenegger, informing the governor that the City greatly opposes such a plan. If the measure is passed, the funds available for the development of the Waterfront, the replacement BART parking lot, and other capital improvements across the city, would be significantly reduced and certain projects may be at risk altogether.