“Charging taxpayers an interest rate of nearly 30% steals money from public safety and vital services,” said Antonovich who noted that, in California, there are usury laws that protect consumers from exorbitant interest rates. “The Governor and legislature must get serious and address the state budget deficit through spending cuts and reforms — not continued borrowing and tax increases which have led to a $26 billion dollar deficit.”
Moreover, the proposal would short change Los Angeles County taxpayers nearly $5.5 billion in funding for vital services including public safety, libraries, schools and special districts.
School districts also oppose the redevelopment proposal because it would reduce their increase to $8.00 per pupil versus $170.00 per pupil.