From KPCC:
State officials say the proposed Orange County Great Park cannot use nearly $1.5 billion in state tax revenues to fund the project. The decision means Irvine's plan for a 1,300-acre park at the old El Toro Marine Corps air base could be put on hold. Irvine wanted to pay for the Great Park with property tax money from development planned around the park. But California's Department of Finance says the law that eliminated redevelopment agencies prevents that. Economist Jan Brueckner of the University of California, Irvine says the Great Park is not dead, but the timing is off. "In these hard times, these kinds of projects are luxuries we can't afford," said Brueckner. "We have to wait until times get better."

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