Soledad Redevelopment Agency

On July 12, 1983, the City Council adopted Ordinance No. 426, which adopted the Redevelopment Plan for the Soledad Redevelopment Project.

On November 28, 1994, as mandated by AB 1290, the City Council, by Ordinance No. 541, amended the Plan (second amendment) to establish or modify existing limits on the establishment and repayment of project loans, advances and indebtedness, and the time limit for plan effectiveness.

The Second Amendment to the Plan extended the time limits for debt establishment, debt repayment and Plan duration, reestablished eminent domain authority over non-residential properties, increased the tax increment and bond debt limits and replaced the existing amended Plan with an “Amended and Restated Redevelopment Plan� in order to update the Plan’s provisions to current legal requirements and terminology.

The First and Second Amendments did not add territory to the project area nor alter the existing boundaries in any way.

The formation of a redevelopment agency is a tool that can be used by cities to revitalize older sections of the community that have become blighted, worn down or neglected in the development process. With the establishment of a redevelopment agency, a city can receive revenues from the additional taxes that are generated from improvements in this area, issue debt to pay for large project improvements, sell and purchase land in an effort to develop opportunities for growth, complete large infrastructure projects and assist with the construction, purchase and repair of affordable housing.

Major objectives have been established by the Soledad Redevelopment Agency, including the creation of an Economic Development Program, which has been very successful over the past few years. Other major objectives are the Downtown Revitalization Program, which began in earnest in 2004 with a $3 million right-of-way improvements project, the Housing Program, which has now active programs for both housing rehabilitation and first time homebuyers, and which is still actively involved in working with the Soledad Housing Authority to construct large affordable housing projects, and the Public Improvements and Facilities Program, which is currently focusing on sewer and water systems, street, sidewalks and lighting repairs and upgrades.

For informational purposes the following pertinent facts regarding the Soledad Redevelopment Agency are provided:

• Plan Duration – to 7/2024
• Debt Repayment – to 7/2034
• Debt Establishment – to 1/2015
• Eminent Domain – non-residential properties only
• Tax Increment Limit - $185 million
• Bond Indebtedness Limit - $40 million