BREA
Brea’s massive debt, incurred after years of redesigning and rebuilding parts of the city, may be starting to take a dive.
Larry Hurst, the city’s financial officer, is expected to announce to the council Tuesday that the debt has plummeted by tens of millions of dollars. Brea’s redevelopment debt once ranked ninth in the state in the mid-1990s among cities with redevelopment agencies.
Hurst told the City Council during a Feb. 1 study session that using a formula the state uses for municipal debt, Brea’s has probably dipped below $600 million. The redevelopment agency’s bond debt constitutes the vast majority of the city’s debt.
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