Redevelopment Agencies play a vital role in revitalizing areas that may be negatively affected by existing social, economic, environmental and physical blighted conditions. Property acquisition is a tool used to improve communities by generating tax increment revenue utilized to improve the quality of life for residents.
Redevelopment agencies may acquire property for site assembly to create development-ready parcels; an essential component of revitalizing communities. Assembling development-ready properties is a critical strategy utilized by agencies to attract private investment and improve project feasibility for potential and future redevelopment projects. Land assembly is often utilized to eliminate slum and blighting conditions, protect human health and the environment through revitalization of environmentally-contaminated properties brownfields, while attracting tenants that will create jobs, generate sales tax revenues and improve property values. By generating wealth in the community, the city is able to improve service levels to its residents and businesses.
A redevelopment agency may utilize its authority to acquire property to assist its revitalization efforts. According to California Redevelopment Law, agencies are required to implement a “Five-Year Implementation Plan” that identifies specific goals and objectives that the redevelopment agency will carry out over that specific five-year period. As part of the Agency’s Five-Year Implementation Plan’s goals and objectives, the Agency has acquired and maintains an inventory of property. Each property is identified for a for particular use in accordance with the Five-Year Implementation Plan.
For a complete listing of Agency owned property, access the link below.
PROPERTY INVENTORY Updated February 08, 2012
To learn more about the Agency’s priority “Opportunity Sites,” please visit www.SmartCompton.com
