11:43 PM PDT on Wednesday, September 29, 2010

By JIM MILLER
Sacramento Bureau

Legislation to preserve millions in property tax revenue for the agency in charge of redeveloping the former Norton Air Force Base has been signed by Gov. Arnold Schwarzenegger.

The Inland Valley Development Agency, the Norton redevelopment agency, otherwise stood to lose as much as $4.5 million.

Schwarzenegger approved the measure over the concerns of his Department of Finance. In July, a department analysis of the bill said it would create an “undesirable precedent” for more exemptions to the state law that governs the allocation of property-tax revenue from power plant developers.

“I was worried about that one. I’m always afraid of the state getting its grubby paws on redevelopment funds,” said the bill’s author, Assemblyman Paul Cook, R-Yucca Valley. He co-authored the bill with Assemblywoman Wilmer Amina Carter, D-Rialto.

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