The The state’s high court indicated on
California Supreme Court will rule Thursday on the legality of the
state’s move to grab $1.7 billion in redevelopment money to help close
California’s budget shortfall, according to the San Jose Mercury-News.
its website Wednesday that it would rule by 10 a.m. Thursday on the
legal conflict. The Supreme Court previously had agreed to rule on the
crucial issue by Jan. 15, when half of the redevelopment money is slated
to be turned over to the state for the 2011-12 fiscal year….
This decision should be vital for Los Angeles’ solvency. If the CRA continues in any form including as a VARP, L.A. will go bankrupt, but first it will try to abolish Prop 13 and raise the property taxes sky high on small businesses and homeowners.
The CRA won’t raise the taxes on its own mega-developers and if the assessor raises those taxes, the CRA will turn argound and give the loot back to the developers.
Bury CRA with a stake in its heart.
According to persons who attended the oral argument, the Supreme Court leaned more toward upholding the Legislature’s abolishment of CRAs and invalidating the son of CRA law. That would be the worst scenario for CRAs. They would be dead.
Ding dong. Ding dong.