Monday, September 26, 2011 – 10:27 a.m.
The City of San Bernardino has amassed nearly $1 billion in enforceable obligations by way of its fourteen redevelopment project areas according to documents filed with the State of California.
Assembly Bill 26 passed earlier this year requires local redevelopment agencies to disclose all ‘enforceable obligations’ payable.
Figures released by the City of San Bernardino Redevelopment Agency (RDA) shows the entity has amassed $955,890,595.96 in outstanding debt and other obligations.
The funds are owed to a myriad of 51 different entities.
Payments of $71 million are due during the current fiscal year.
The aforementioned report was mandatory and would be used in the event the RDA chose to dissolve in accordance with Assembly Bill 27.
The RDA recently and transitioned to a non-profit entity and adopted a continuation ordinance.
The city has for years has been using the RDA for stop-gap funding for its general fund budget shortfalls, selling numerous city-owned properties to the agency.
The RDA has an annual operating budget of $7.25 million.