The realization was that the money raiders were coming from City Hall. It seems the Long Beach Redevelopment Agency is out of money. They have given away or spent every present or future dollar they have been able to get their hands on. The one last stash of gold is the Westside and the City Hall carpetbaggers are on the way.
Apparently the last tax increment productive land left under their control is the Westside Project Area. This area produces $3 million a year that has not already been borrowed against. That $3 million in future uncommitted property tax revenue can serve as the collateral for a new $23 million bond issue for the Agency to use other places than the Westside. However, it is not quite that easy. Because it is a separate district they have to combine it with the other districts so the funds can be diverted.
There was talk of a lawsuit to prevent the takeover, but it would have to be on a personal level, not the PAC suing to prevent the takeover. However the tone was of resignation, not of hope for further development of the area. When all the various Redevelopment Areas (except Downtown) are combined and a priority list is made up, who do you think is going to get the seed money for new development? Projects that generate sales taxes or projects that promote new industrial development on the Westside?
That is why the Westside PAC knows they are done. Their careful, prudent management to create a reserve has led to their demise.
The Long Beach Redevelopment Agency says that if they do not get more money, they then will have to stop funding new projects and, heaven forbid, they will have to lay off Agency employees. In my opinion with an agency that has been running roughshod over the small businesses and residents for years, layoffs would be a more fitting eulogy.
For once the punishment would fit the crime.