Bonta Coauthors Bills to Revitalize California Economy
(SACRAMENTO, CA) – Assemblymember Rob Bonta (D-Oakland) announced today that he is co-authoring AB 229, introduced by Assembly Speaker John A. Pérez (D-Los Angeles) and is Principal Coauthor on AB 243, introduced today by Assemblymember Roger Dickinson (D-Sacramento). The bills authorize the formation of infrastructure and revitalization financing districts (IRFDs).
“As our country’s economy begins to improve, it is time to help our local governments revitalize their own fiscal health and create more jobs. The formation of infrastructure and revitalization financing districts will allow local entities greater flexibility in using their limited resources to remedy blight, create affordable housing, and spur economic growth,” said Assemblymember Bonta.
The bills include authorizations for cities and counties to create IRFDs, an expansion of the types and locations of projects IRFDs may finance, and a reduction in the voter-approval requirement for the formation of districts and issuance of bonds. AB 243 would authorize IRFD formation in current and former redevelopment project areas, and former military bases; AB 229 pertains solely to former military bases.
“The goal of these bills is to offer local governments an alternative source of capital for redevelopment projects. With the recent termination of redevelopment agencies, many cities and counties now lack the resources necessary to improve the economic and physical conditions of their counties,” stated Bonta.
Assemblymember Dickinson, author of AB 229 said, “AB 229 would establish Infrastructure Revitalization and Financing Districts to provide a flexible tool for local governments to address needed economic development, affordable housing, sustainable development, environmental mitigation, and other needs in a fiscally responsible manner.”
Bonta concluded, “Job creation and economic development are two of my top priorities for this legislative session; these are issues that are important to both the East Bay and the rest of California. I look forward to working closely with my colleagues on these important bills.”
Elected in 2012, Assemblymember Rob Bonta represents the 18th Assembly District, which includes Oakland, Alameda, and San Leandro. Bonta is the Chair of the Public Employees, Retirement and Social Security Committee. He serves on the following Assembly Committees: Health, Transportation, Banking and Finance, and Elections and Redistricting.
Contact: Amy Alley (916) 319-2018