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Bond-funded
projects list features major changes
Amount city
can spend per project slashed due to addition of 21 projects
By
Allison Jean Eaton
Bulletin
Editor
COMPTON—Extensive
changes have been made to the list of projects to be funded by the
redevelopment agency’s recent bond issuance.
Mayor Eric J. Perrodin described the original list of projects and
expenditures as “fluid” on May 18, when elected officials approved
a resolution permitting the agency to issue up to $103 million in tax allocation
bonds.
Officials said then that the amounts slated to be spent on each project
could be augmented, and even the projects themselves could be switched
out for others contained in the agency’s five-year plan. It was not
verbally mentioned, however, that so many more projects could be added.
A total of 17 projects and expenditures were on the proposed list
on May 18, when the City Council acting as the Urban Community Development
Commission approved the bond issuance. Last week’s list had more
than doubled, featuring 38 projects and expenditures — 21 more expenditures
than residents were led to believe would be funded by the massive bond
issuance.
In addition to the new projects and expenditures, two noted on the
May 18 had fallen out of last week’s list. They are the Jackie Robinson
Stadium and Education Center and affordable housing grants.
The new list, which the City Council acting as the Urban Community
Development Commission approved last Tuesday, July 20, features some major
cuts to the amounts noted in the May 18 agenda.
The numbers, however, are deceiving. A heading atop the price column
on the May 18 list states that the numbers represent the “estimated
agency cost to be paid in whole or in part from bond proceeds.”
It is not known why the city used those amounts rather than noting
how much it actually expected to allot each project and expenditure from
the revenue earned from the sale of the bonds.
This explains why the total overall cost according to the May 18
list would have been $152.6 million, or $49.6 million more than the $103
million ceiling approved by the Council in terms of the amount of bonds
that could be issued.
...
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