CA AB2065

Authorizes the Downey redevelopment agency to add approximately 3.4 million square feet of territory to its project area upon city council adoption of an ordinance with specified restrictions and time limitations.

Limits tax increment revenue from the added territory to $30 million (after allocating 20% for low- and moderate-income housing) for reimbursing the City of Downey for rental property expenses.

Establishes time limits of 20 years for incurring debt (extendable to 30 years), 30 years for plan effectiveness, and 45 years to repay indebtedness from property tax proceeds in the added area.

Exempts the plan amendment from standard redevelopment law requirements and allows use of a prior 2002 Environmental Impact Report for the Downey Landing Specific Plan instead of conducting new California Environmental Quality Act analysis.

Allows the agency to subordinate school district payments to bonded debt if sufficient funds are available for both obligations, and nullifies these provisions if Tesla Motors does not construct a manufacturing operation in the territory by January 1, 2012.