Spotlight on the Community Redevelopment Agency

According to City Manager John Nachbar in the April 21-27 Culver City Observer, the commercial buildings from 12469 to 12477 Washington Blvd. (including Gloria's Cake & Candy Supplies and the Pacific Eye Care) as well as the properties from 12453 to 12461 Washington Blvd. are scheduled to be renovated as a project of the Community Development Agency.

So . . . consider these to be the "Before" pictures. When the renovation has been completed I'll post the "After"s.

This post is the first in an on-going series spotlighting the work of the Community Redevelopment Agency to transform our Culver City community.

 

Did you know?

 The city council established the Culver City Redevelopment Agency in 1971. The agency is made up of the same five elected officials serving as the City Council . The idea of the agency is to bring existing properties and new development throughout the community to the "highest and best use."

The agency is funded through tax increment, or the increased value of a property once sold, if the revitalization is successful. That is, if redevelopment is successful, the Redevelopment Agency receives the property taxes that are generated from the increase in assessed value that occurred between the time the project area was first established and today. The tax increment the Redevelopment Agency receives is not an additional tax on property owners. It is the allocation of those same revenues to the Redevelopment Agency, rather than to the County and other taxing entities.

 

Do you have any suggestions for worthy future projects that the agency should consider?

 

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