The following are the economic concerns raised by the City and the resolutions SunCal has agreed to:
$200 million cap on public benefits - Waive the $200 million cap on public benefits by agreeing on standards and specifications to ensure public benefits are constructed.
2% tax rate cap – Waive the 2% overall tax rate cap on the total property tax burden to be imposed on the property within the project area to assure adequate funding for construction and operation and maintenance of the project.
Spending redevelopment funds outside the project area - Waive the provisions of the DA that require that redevelopment funds be spent within the project area so that such funds could be spent outside of the project area if the needs of the project are met and such expenditures further the goals of redevelopment of the project area.
California Environmental Quality Act - Clarify the relationship between CEQA and the public benefits and assure that the project will be subject to mitigation measures as required by CEQA.
