Reform 9.1: Centre City Development Corporation

Seek to Improve General Fund Benefits from Centre City Development Corporation (CCDC).

Other Information:

The City has been successful in protecting the General Fund by transferring annual Petco Park debt service to CCDC. We believe that additional opportunities exist for holding the redevelopment agency and CCDC accountable for serving the public interest. Recent actions taken by the State have raised the cap for the downtown redevelopment area. Unfortunately, this cap increase carries risks for San Diego taxpayers. The City Council had originally approached a cap increase with the express desire to build in mechanisms to protect the General Fund from lost revenues. The City can take action to help ensure that the cap increase does not negatively impact the General Fund due to lost property taxes. It is not enough protection to taxpayers simply to say the cap increase will facilitate economic development – and in turn generate hotel tax and sales tax revenues for the General Fund. Those revenues are not part of the cap deal – property taxes are. In FY 2012, the Mayor and City Council should adopt the following reforms:

Indicator(s):

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