The Successor Agency of the City of Compton formerly known as the Community Redevelopment Agency is carrying out the Redevelopment Plan for the Compton Redevelopment Project Area, as merged and amended in Ordinance No. 2,114 adopted by the City Council on November 16, 2004.
The Commission has authorized the Agency to commence redevelopment activities and projects located within the Compton redevelopment area. The Agency’s Five-Year Implementation plan approved by the Commission in January 2010 contemplates that the Agency will issue bonds from time to time to finance or refinance a portion of the costs of the redevelopment of the Project Area.
On May 18, 2010, the Commission approved the issuance of 2010 Tax Allocation Bonds to finance future redevelopment activities within the project area. As part of that issuance, the Agency has prepared a finance plan to implement the projects identified within the 2010 Tax Allocation Bond program.
As indicated in the Summary Report of May 5, 2010 approved by the Commission, the bond project budgets are only project costs estimates and do not necessarily include all development costs that may be associated with each project. More specifically the budgets allocated for each of the proposed projects identified below include only the following development costs: Land Acquisition, Environmental Cleanup, Mandatory Statutory Obligations, Site Clearance and Demolition and Direct Project Costs. The remaining project and development costs will be leveraged from private investors and developers. Please see attached Resolution and Approved Bond Project List.