More at SFGate: “Dellums said the city's deficit, which was $42 million this year, could balloon by 2012 to nearly $113 million, with revenues that year projected to be $456 million and expenditures at $569 million.
The city has relied heavily upon property transfer taxes which have dwindled with the mortgage meltdown. Retail sales taxes are floundering while the costs of providing police and fire service and maintaining parks and other basic city services are rising.”
-- This is a great time to create new Redevelopment project areas, if only to capture whatever property tax revenue we can, otherwise it had to be shared with BART, AC Transit, and other entities. Regardless, the zero-sum game is not fun and will lead to their loss. The end answer is a going to be a total bailout by the Federal Government, in some kind of way.
The city has relied heavily upon property transfer taxes which have dwindled with the mortgage meltdown. Retail sales taxes are floundering while the costs of providing police and fire service and maintaining parks and other basic city services are rising.”
-- This is a great time to create new Redevelopment project areas, if only to capture whatever property tax revenue we can, otherwise it had to be shared with BART, AC Transit, and other entities. Regardless, the zero-sum game is not fun and will lead to their loss. The end answer is a going to be a total bailout by the Federal Government, in some kind of way.
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