Published: Friday, Jul. 8, 2011 - 12:00 am
Or will it?
Two pieces of last month's state budget package abolish the 400 local redevelopment agencies on Oct. 1, but allow them to remain in business – albeit under much tighter state control – if they agree to give big chunks of their property tax revenues to schools, thereby reducing the state treasury's educational burden.
Overall, state officials hope to gain $1.7 billion from the transfer during the 2011-12 fiscal year and about $400 million each year thereafter, plus inflation.