Transit-Oriented Redevelopment Law of 2018.

The California Constitution, with respect to any taxes levied on taxable property in a redevelopment project established under the Community Redevelopment Law, as it then read or may be amended, authorizes the Legislature to provide for the division of those taxes under a redevelopment plan between the taxing agencies and the redevelopment agency, as provided. Existing law dissolved redevelopment agencies as of February 1, 2012, and designates successor agencies to act as successor entities to the dissolved redevelopment agencies. This bill, the Transit-Oriented Redevelopment Law of 2018, would authorize a city or county to propose the formation of a redevelopment agency by adopting a resolution of intention that meets specified requirements, and submitting that resolution to each affected taxing entity and to each owner of land within the district. The bill would require the city or county that adopted that resolution to hold a public hearing on the proposal, as provided, and would authorize that city or county to adopt a resolution of formation at the conclusion of that hearing. The bill would authorize an agency formed pursuant to these provisions to finance affordable housing or transit-oriented development projects, as defined, and to carry out related powers, as specified. This bill would provide for the governing board of the agency consisting of 2 members appointed by the legislative body that adopted the resolution of intention, one member appointed by each affected taxing entity, and 2 members of the public. The bill would require the governing board of an agency to designate an appropriate official to prepare a proposed redevelopment project plan. The bill would authorize the redevelopment project plan to provide for the division of taxes levied upon taxable property, if any, between an affected taxing entity and the agency, as provided. The bill would declare that this authorization fulfills the intent of the above-described constitutional provision. The bill would authorize the agency to issue bonds to finance developments in accordance with specified requirements and procedures. The bill would require the agency to contract for an independent financial and performance audit every 2 years after the issuance of debt. The bill would require the agency to submit an annual report, containing specified information, and a final report of any audit undertaken by any other local, state, or federal government entity to its governing body within specified time periods. The bill would also require the agency to file a copy of the report with the Controller and a copy of any audit report with the Department of Housing and Community Development.