National City gears up to sell $45 million in redevelopment bonds

NATIONAL CITY — National City is preparing to issue up to $45 million in redevelopmentbonds to pay for affordable housing projects on the West Side, street improvements on 8th Street near the city’s business district and to complete a joint project with Chula Vista to build aLowe’s home improvement store.

Cities across the state are racing to protect as much future tax revenue as possible before state legislation that would eliminate redevelopment agencies can be passed. Gov. Jerry Brown has proposed to get rid of such agencies, which are aimed at eliminating blight.

No one is certain if the measures National City is taking will protect the funds.

“We’re doing our best to try to make sure we keep key projects moving forward that we’ve waited a long time for and are very important to our city,” City Manager Chris Zapata said. “We’re just giving it our best shot.”

National City already has $43 million in debt obligation.

Zapata said the city has been working on some of the projects for as far back as 2006.

“If the money goes away, all those projects are at risk,” Zapata said.

The City Council is scheduled to take up the issue at 6 p.m. Tuesday at Civic Center, 1243 National City Blvd.


CREDITS:
National City gears up to sell $45 million in redevelopment bonds

BY WENDY FRY
ORIGINALLY PUBLISHED FEBRUARY 20, 2011 AT 8:39 P.M., UPDATED FEBRUARY 21, 2011 AT 10:09 A.M.

Link to original post: http://www.signonsandiego.com/news/2011/feb/20/national-city-gears-sell-45-million-redevelopment-/


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