SB 1112 Summary

• Allows redevelopment agencies that adopted plans by December 31, 1993 to extend plan effectiveness by up to 10 additional years if at least 25% of the project area contains property where the agency can remedy hazardous substance releases under the Polanco Redevelopment Act.

• Requires agencies seeking extensions to demonstrate based on substantial evidence that significant blight remains, cannot be eliminated without the extension, and that contaminated property adds significant costs and time to blight elimination.

• Mandates agencies submit detailed reports to legislative bodies including maps identifying blighted and contaminated areas, descriptions of remaining blight, financing plans, and documentation of hazardous substance locations.

• Extends the time limit for payment of indebtedness and receipt of property taxes by up to 10 years from the new plan effectiveness date, while requiring at least 30% of tax increment revenues be deposited into Low and Moderate Income Housing Funds.

• Applies exclusively to the original boundary of Project Area No. 1 of the Carson Redevelopment Agency as established in 1971.