Gutted Agency Owes $217m

Overseers will meet tomorrow to discuss a plan to settle is debts.

The new bosses of Murrieta's gutted redevelopment agency will meet tomorrow to plan its continued demise.

California legislators to disband local agencies tasked with spurring economic development and fixing blighted communities. Murrieta in court but lost the battle in December 2011.

Murrieta city council dissolved its agency in January and transferred funds and debts to the successor Murrieta Housing Agency. More than $26 million was shuffled, including $11.1 million in property tax revenues and $15.2 million in project funding, .

The seven-member board charged with overseeing the final days of Murrieta's redevelopment legacy will discuss how the remaining money will be spent 2 p.m. Tuesday at City Hall.

The group is expected to set up a payment system to cover more than $217 million in debts the redevelopment agency owed to contractors when it closed shop in the new year. 

Nearly $14 million in outstanding debt will be settled this year under a payment plan posted to the city's website. Click on the PDF under the picture at the top of the page to look over the plan.

The now-deceased agency still owes $1.2-million-plus in project management and upkeep costs for the Monte Vista low-income apartment complex and more than $3.5-million in building costs for the new bridge over Interstate 15 at Los Alamos Road, according to city documents.

To read more about the redevelopment agency's dissolution, .


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