Orange County's proposed Great Park can't use tax revenues as funding, California says
Orange County's proposed Great Park can't use tax revenues as funding, California says
- June 4, 2012
- Jan Brueckner, economics professor and department chair, is interviewed by 89.3 KPCC May 31, 2012
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."
Audio link available at:
http://www.scpr.org/news/2012/05/31/32628/orange-county-proposed-park-ca...
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