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Council moves funds to protect them

March 09, 2011

The Huntington Beach City Council on Monday transferred the assets and property under its redevelopment agency to the city's name to prepay the debt owed to the city in case the state eliminates the redevelopment agency.

Gov. Jerry Brown proposed eliminating redevelopment agencies as part of a plan to balance the state budget deficit.

If the Huntington Beach Redevelopment Agency is eliminated, it might block the agency from repaying the debt it owes to the city. The total debt of the agency is more than $87 million, according to Laurie Payne, the city's public information officer.

The council also voted to form the Huntington Beach Housing Authority. The authority will keep funds for affordable housing at the local level if the state eliminates the redevelopment agency.

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—Mona Shadia

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