Redevelopment: economic development.

(1) The Community Redevelopment Law authorizes the establishment of redevelopment agencies in communities in order to address the effects of blight, as defined, in those communities and requires those agencies to prepare, or cause to be prepared, and approve a redevelopment plan for each project area. Existing law defines the term "redevelopment" for these purposes and specifies the scope of activities that the term includes. Existing law also makes specified legislative findings and declarations regarding the fundamental purposes of redevelopment. This bill would, until January 1, 2018, authorize the Community Redevelopment Agency of the City of Los Angeles, at the request of its legislative body, to prepare applications for, and execute, economic development programs, to accept public or private assistance, and to expend those funds for any economic development activities inside or outside a project area within the territorial jurisdiction of the agency. (2) Existing law authorizes an agency to construct foundations, platforms, and other structural forms necessary for the provision or utilization of air rights sites for buildings to be used for residential, commercial, industrial, or other uses contemplated by the redevelopment plan. An agency is also authorized to establish a program under which it loans funds to owners or tenants for the purpose of rehabilitating commercial buildings or structures within the project area. This bill would, until January 1, 2018, expand the agency's programmatic authority by authorizing it to provide direct assistance, including, but not limited to, loans, financial guarantees, or other financial assistance, to businesses within project areas in connection with new or existing facilities for retaining or expanding employment in the project area, increasing energy efficiency of buildings in the project area, or for other specified redevelopment purposes. This bill would specify that these programs constitute redevelopment, as defined. (3) This bill would make legislative findings and declarations as to the necessity of a special statute for the Community Redevelopment Agency of the City of Los Angeles.