4:18 PM PST, January 15, 2013
Burbank identified roughly $11.7 million this week in funds that are available to turn over to Los Angeles County for distribution to other taxing entities as part of the dissolution of local redevelopment, officials said.
A large chunk of the unused, non-housing redevelopment funds — $7.1 million — had been allocated for infrastructure projects along the North San Fernando Boulevard and the Victory Boulevard corridors.
But since the money wasn’t contractually committed, the Successor Agency Oversight Board — created to wind down redevelopment-related obligations and assets — determined the funds were available for distribution, said Ruth Davidson-Guerra, Burbank’s assistant community development director.
Another $3.7 million had been transferred to the Youth Endowment Fund with the vision of building a new community center in the Golden State area, Davidson-Guerra said.
But again, the funds were not contractually committed.
“The city has historically been very sympathetic to providing meaningful community experiences for its youth and community,” Davidson-Guerra said. “The loss is really to the community.”
Unused, unallocated redevelopment funds make up the roughly $1 million remaining.
The state Department of Finance has until April 1 to look over and approve the report.
The funds will then be distributed to taxing agencies, including the Burbank Unified School District and the city, which means some of the money could come back when it’s dispersed.
Just last month, the agency completed the same process for the redevelopment funds earmarked for affordable housing, which resulted in the loss of $38 million the city had been saving to fund two large-scale affordable housing projects.
Burbank got 20% of that money back when it was distributed among the various other taxing agencies.
-- Alene Tchekmedyian, Times Community News