Belmont Redevelopment Agency

In 1984, Belmont created the Los Costanos Project Area covering most of the level area in Belmont. Throughout the state there are more than 386 active redevelopment agencies. While they are probably the least understood local government entities, redevelopment agencies represent the most important tool a community has to help breathe new life into areas in need of revitalization, economic development and new opportunity.

Redevelopment activities create jobs and expand opportunities for business, provide affordable housing and homeownership opportunities for families most in need, reduce crime, improve infrastructure, and lead cleanup of environmentally-threatened and rundown areas. Below are some key facts about redevelopment agencies and their contributions to California communities:

An abandoned gas station doesn’t turn into retail space overnight and affordable housing doesn’t build itself. Revitalization of deteriorated areas doesn’t just happen - someone has to make it happen. The core function of redevelopment agencies is to serve as the catalyst for community revitalization projects in which the private sector otherwise would not be involved.

REFLECTING THE COMMUNITY’S NEEDS

The Belmont Redevelopment Agency (RDA) is a local government entity controlled by the City Council who is accountable to the public. Because they are locally governed, redevelopment agencies are in the best position to identify exactly what a community needs and to work with private investors on local projects to meet those needs.

HOW IT WORKS

When redevelopment agencies make improvements to deteriorated areas, property values within those areas rise, resulting in an increase in property tax revenues. State law allows redevelopment agencies to use a portion of this increase to repay debt they must incur in order to rehabilitate an area. Redevelopment agencies use these funds to acquire property, build public improvements and infrastructure, clean up contaminated soil and make other efforts necessary to improve the conditions of the property. The RDA’s commitment of funds attracts private investment and creates a chain reaction where the ultimate economic output is larger than the original public investment.

REDEVELOPMENT CREATING JOBS AND BUILDING STRONGER ECONOMIES

Redevelopment activities stimulate California’s economy, leverage private investment, and generate jobs for working Californians. In 2003, redevelopment activities in California generated $31.8 billion in economic activity such as the generation of goods and services, created 310,000 new full- and part-time jobs and redevelopment agency construction activities helped generate more than $1.58 billion in additional state and local taxes.