In the Fall of 2009 an interdepartmental team developed the attached report Redevelopment Agency - Next Steps. The report was initiated knowing that, in accordance with State Community Redevelopment law, the City of Santa Barbara's Redevelopment Agency (Agency) will expire in August 2015. The report describes the basics of redevelopment, the purpose of the Redevelopment Agency, the current status of the Central City Redevelopment Project Area, the implications of the expiration of the Redevelopment Agency Project Area, and possible opportunities to continue the many successes of the Redevelopment Agency, albeit on a significantly smaller scale. At expiration, the Agency will lose its ability to undertake new housing or capital projects. Since its inception, the Redevelopment Agency of the City of Santa Barbara has played a major role in the revitalization of the City’s downtown core as well as the production of affordable housing. To date, the Redevelopment Agency has:

• Received more than $255M in tax increment revenue through Fiscal Year 2009 with Fiscal Year 2010 estimated annual revenues in excess of $20M.
• Invested approximately $204M in Downtown Santa Barbara – including over $52M since 2000.
• Invested approximately $51M in Affordable Housing resulting in an affordable housing stock of nearly 8% of the housing units in City.
• Provided over $13M in grants to community organizations.

This report will be presented to the City Council on April 20, 2010.

Click image to view report.