City Creates Agency for Redevelopment
So that Lake Forest can begin receiving some property tax revenue that has been going to the county, the City Council has created a redevelopment agency.
Officials estimate that the city, incorporated in 1991, could net as much as $500,000 annually in tax revenue as redevelopment projects increase property values. A redevelopment area will include the busy retail corridor along El Toro Road.
City officials say that it will be several years, however, before any redevelopment projects begin.
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