Real Estate Development and the Demise of California’s RDAs
As everyone is now so keenly aware, the California Supreme Court upheld Assembly Bill ABX1 26 (“AB 26”), which provides for the termination of all California redevelopment agencies (“RDAs”). On February 1, 2012, RDAs were effectively, dissolved and all Enforceable Obligations were transferred to Successor Agencies. For those real estate stakeholders in existing relationships with RDAs – specifically those holders of notes or bonds tied to a redevelopment project, a development agreement with an RDA, or a loan with the RDA, or an owner of property located in an RDA project area that is under contract to be acquired – the impact can be immediate.
Please see Goodwin Procter’s white paper, “Real Estate Development and the Demise of California’s RDAs” for information on AB 26 and the aftermath of the California Supreme Court decision.
