City of Compton

Successor Agency to the Community Redevelopment Agency

As of February 1, 2012, the Community Redevelopment Agency (CRA) of the City of Compton was dissolved by Governor Jerry Brown and the State Legislature by approving AB X1 26.

As part of the Dissolution Act, the City of Compton designated itself as the Successor Agency to the former Community Redevelopment Agency. Its primary role is to carry out the Agency projects, continue local control over the former assets of the agency and to wind down its operations.

For a list of program activities or the approved Tax Allocation Bond Resolution, click here.
For listing of Agency Owned Properties, click here.

Assembly Bill AB X1 26

Assembly Bill AB X1 26 was adopted February 1, 2012 and in essence phases out the current tax increment funding mechanism for redevelopment agencies and returns property tax revenues to schools, special districts, cities and counties to help sustain their core functions.

Assembly Bill 1484

MISSION STATEMENT

The mission of the Successor Agency is to: carry out and complete the remaining activities of the former Community Redevelopment Agency which was created to expand and diversify the economic base of the community by eliminating neighborhood blight and assembling land for the utilization of job-producing and revenue-generating retail, commercial, and industrial developments, while fostering homeownership opportunities; ultimately creating a viable and sustainable community that enhances the quality of life for our residents and business community.

OVERVIEW

The Successor Agency formerly known as the Community Redevelopment Agency serves as the economic development engine of the City, focused on restoring economic vitality and creating wealth in the community. The Agency’s objective is to implement the City Council’s policy of fostering growth by utilizing tax increment revenues, leveraged with additional funding sources and financing mechanisms to address the causes of market failure and facilitate projects that enhance the quality of life and increase the economic base of the community. The Agency is an agent of change; creating physical and social infrastructures that stimulate growth, enhance the community and provide a return on investment to the City of Compton’s residents and businesses. The Agency undertakes this effort by employing a variety of leveraging tools that attract private investment to the community. With each new infrastructure, residential, retail, commercial and industrial development project, the Agency actively facilitates job development to ensure that Compton’s residents enjoy the full benefit of community revitalization.

CONTACT INFORMATION

Successor Agency Enforceable and Recognized Payment Obligations

Pursuant to the requirements of Assemble Bill X1 26, the Successor Agency of the City of Compton adopted a Schedule of Enforceable Obligations for payments due through December 31,2011. The Schedule was originally adopted by Agency Resolution 9 and 10. The Agency has also prepared a Recognized Payment Obligation Schedule covering all obligations due between January 1, 2012 and June 30, 2012 and from July 1, 2012 to December 31, 2012.

Links:
Assembly Bill AB X1 26
Assembly Bill 1484
Successor Agency Oversight Board
Enforceable Payment Obligation Schedule
Recognized Payment Obligation Schedule
Listing of Agency Owned Properties
Successor Agency FAQ
Oversight Board FAQ