Section 33476.5 Of Article 14. Merger Of Redevelopment Project Areas In The City Of San Bernardino From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4. >> Article 14.
33476.5
. The Legislature finds and declares that the merger of the
project areas specified in Section 33476 in the City of San
Bernardino is necessary to prevent a default on the outstanding bonds
of the Meadowbrook/Central City Project due to the drastic reduction
in property taxes caused by the adoption of Article XIII A to the
Constitution. This project area is already substantially redeveloped,
making it unlikely that further redevelopment can be used to
increase the tax base. The Redevelopment Agency of the City of San
Bernardino has already had to call on the state for support of its
bonded debt. This is an undesirable burden on the state which can be
avoided by merging the two contiguous project areas into the combined
Central City Project so that the tax increment from the buildout in
Central City East and Central City South Project areas, when added to
the tax increment of the Meadowbrook/Central City Project Area,
resulting from combining the project areas, can serve the debt of all
three projects, or the debt as refunded, thus preventing an
undesirable default, or, in lieu thereof, further draws on the funds
of the state.