Senate leader says no to extension of redevelopment agencies

Despite stepped-up pressure from redevelopment agencies, state Senate leader Darrell Steinberg (D-Sacramento) said Thursday he does not foresee the Legislature extending the deadline for those agencies to begin shutting down.

"It's not going to happen," Steinberg said of the chances of SB 659, the extension bill, being approved by Feb. 1, when agencies throughout the state must start shutting down.

The bill by Sen. Alex Padilla (D-Pacoima) would extend the deadline for agencies to begin dissolution to April 15.

On Thursday, the League of California Cities and other groups sent a letter to legislators noting that one ratings agency has downgraded redevelopment bonds, and two other agencies have put them on watch for a possible downgrade.

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-- Patrick McGreevy, Los Angeles Times

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