Cerritos City Council outraged by State’s raid of $11.8 million from Cerritos Redevelopment Agency
The State of California required the Cerritos Redevelopment Agency to make a payment of $11,812,007 to the Los Angeles County Auditor on May 10. The payment is a result of the State’s decision to raid $2.05 billion in local redevelopment funds.“The State of California continues to live beyond its means and California’s cities are paying the consequences,” said Cerritos Mayor Joseph Cho, Ph.D., “State legislators must address
the State budget’s structural deficit instead of continuously raiding funds from local government coffers.”
The Cerritos City Council expressed outrage over the taking of the Cerritos Redevelopment Agency funds as there will be a significant negative impact on local projects. As a result of the loan, the development of the planned Cuesta Villas affordable senior housing project will be delayed.
Mayor Cho said, “Local seniors and school children will suffer as a result of the delay in the Cuesta Villas project. The affordable housing seniors so desperately need will take longer to complete due to the loss of funds. The estimated $3 million in annual revenue that Cuesta Villas will generate for the ABC Unified School District is indefinitely delayed,