62000. As used in this division, the following terms have the following meanings: (a) “Authority” means the Community Revitalization and Investment Authority created pursuant to this division. (b) “Plan” means a community revitalization and investment plan and shall be deemed to be the plan described in Section 16 of Article XVI of the California Constitution. (c) “Plan area” […]
62001. (a) A community revitalization and investment authority is a public body, corporate and politic, with jurisdiction to carry out a community revitalization plan within a community revitalization and investment area. The authority shall be deemed to be the “agency” described in subdivision (b) of Section 16 of Article XVI of the California Constitution for purposes […]
62002. An authority may do all of the following: (a) Provide funding to rehabilitate, repair, upgrade, or construct infrastructure. (b) Provide for low- and moderate-income housing in accordance with Part 2 (commencing with Section 62100). (c) Remedy or remove a release of hazardous substances pursuant to the Polanco Redevelopment Act (Article 12.5 (commencing with Section 33459) of Chapter […]
62003. An authority shall adopt a community revitalization and investment plan that may include project areas and a provision for the receipt of tax increment funds generated within the area according to Section 62005, provided the plan includes each of the following elements: (a) A statement of the principal goals and objectives of the plan including […]
62004. (a) The authority shall consider adoption of the plan at three public hearings that shall take place at least 30 days apart. At the first public hearing, the authority shall hear all written and oral comments but take no action. At the second public hearing, the authority shall consider any additional written and oral comments […]
62005. (a) (1) The plan adopted pursuant to Section 62004 may include a provision that taxes levied and collected upon taxable property in the area included within the territory each year by or for the benefit the taxing agencies that have adopted a resolution pursuant to subdivision (d), shall be divided, subject to the provisions of Section […]
62006. (a) The authority shall require the preparation of an annual independent financial audit paid for from revenues of the authority, and review the plan at least annually and make any amendments that are necessary and appropriate in accordance with the following procedures: (1) Amendments to an approved plan, including proposals to finance affordable housing pursuant to […]
62007. (a) Every five years, beginning in the calendar year in which the authority has allocated a cumulative total of more than one million dollars ($1,000,000) in tax increment revenues, including any proceeds of a debt issuance, for the purposes of subdivision (c) of Section 62003, the authority shall contract for an independent audit to determine […]
62008. (a) If an authority fails to provide a copy of the completed audit to the Controller as required by paragraph (2) of subdivision (c) within 20 days following receipt of a written notice of the failure from the Controller, the authority shall forfeit to the state: (1) Two thousand five hundred dollars ($2,500) in the case […]
