Redevelopment Bonds and Tax Increment Financing
At Weist Law, we handle the structuring and issuance of redevelopment agency bonds, acting as bond counsel and disclosure counsel for redevelopment agencies throughout the region or as counsel for trustees and underwriters. Whether acting for a government entity or for another party in a transaction, we use our extensive experience in and knowledge of public financing to support the transaction from the initial creation of the agency all the way through the selling of the bonds.
The Weist Law Firm was one of the first law firms to offer counsel relating to the "escrow bond" structure, providing redevelopment agencies the ability to sell bonds in anticipation of future increases in assessed valuation. This technique reduces issuance costs that would otherwise be incurred in multiple financings.
Why Create Redevelopment Agencies?
Under California law, the purpose of a redevelopment agency is to finance and manage improvements in blighted areas. Typically, redevelopment agency bonds are funded by the capture of increased property taxes in the redevelopment project area: a mechanism known as tax increment financing. Any redevelopment plan funded by public monies must include a low-income housing set-aside so that affordable housing is part of the equation. In addition, redevelopment efforts can focus on:
- Revived retail business areas
- Revitalized downtowns
- Repair and renovation of homes in rundown neighborhoods
- Reduced crime
- Infrastructure improvements and beautification
- Construction or renovation of public amenities such as community centers, parks and libraries
Recent Clients
Our firm has provided experienced counsel to redevelopment agencies for over twenty years. In addition to the typical bond counsel duties, we often assist with the drafting of redevelopment plans, tax consultant reports, advise on the development of public relations and marketing strategies and identify creative financing alternatives. A few of our recent clients include:
- Riverbank Redevelopment Agency
- Grover Beach Improvement Agency
- Marina Redevelopment Agency
- Scotts Valley Redevelopment Agency
- Brentwood Redevelopment Agency
- Redevelopment Agency of the City of Guadalupe
- Susanville Community Development Agency
- Crescent City Redevelopment Agency
We provide California redevelopment agencies with value and creativity in financing redevelopment projects. Our firm works regularly with financing consultants, bond insurers and rating agencies, drafting reports, acting as media spokesperson making appearances at community meetings to answer questions about tax increment financing and related projects. If your municipality is considering raising money for redevelopment agency projects, contact us online or call our Scotts Valley, California, law office at 831-438-7900 to learn what an experienced lawyer can do to help.
Serving California Redevelopment Agencies for over 20 Years– Weist Law.
