PSJRA workshop offers opportunities

Published: Thursday, April 10, 2014 at 10:26 AM.

All spending, as well as who the PSJRA board can hire or fire, Magidson added, is subject to review and final approval by city commissioners. Nothing is done without their final knowledge and say-so.

“Nothing the board does is done without our approval,” Magidson repeatedly said.

Nelson questioned whether the PSJRA board conveys all pertinent information to the commission, providing any and all options on any given issue or project.

Funding

Maybe the most confusing aspect of the redevelopment agency, several residents said, was the Tax Increment Financing that funds operations.

A base year for property values within the original agency boundaries – roughly, give or take some footage, First Street to the midline of State 71 to just beyond Garrison Avenue- was established in 1989.

Of any increases in property values within the boundaries since, the redevelopment agency – and as Magidson said, by turn the city, – recoups 95 percent of that increase while the city receives the remainder.



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