By Loretta Kalb and Phillip Reese
Published: Sunday, Nov. 13, 2011 – 12:00 am | Page 1A
Last Modified: Sunday, Nov. 13, 2011 – 12:14 am
Targeted for extinction and running out of time, California’s redevelopment agencies earlier this year embarked on a wave of costly borrowing unequaled in their history.
When the dust settled, the agencies with a mission of helping economically galvanize California’s urban areas had incurred a record $1.2 billion in new bonded indebtedness secured by property tax growth, according to a Bee analysis of records from the California State Treasurer’s Office.
The money didn’t come cheap.
Read the rest of this entry »