Beginning in 1957, the former
Santa Monica Redevelopment Agency partnered with the community to
improve our neighborhoods’ physical, economic and social environments.
Neighborhoods benefit through financial investment in public facilities as
well as residential, commercial and retail properties. Redevelopment in Santa
Monica had five primary goals: the provision of affordable housing, disaster
mitigation and prevention, commercial revitalization, community
revitalization, institutional revitalization.
On December 29, 2011, the
California Supreme Court issued a ruling upholding AB 1X 26, legislation that called for the
elimination of hundreds of local redevelopment agencies in the state.
On January 10, 2012, the City of
Santa Monica elected to become the Successor Agency of the former Santa
Monica Redevelopment Agency effective February 1, 2012. As
the “Santa Monica Redevelopment Successor Agency,” referred
to as the “Successor Agency”, the City elected to carry out activities
necessary to wind down the affairs of the former Redevelopment
Agency. This includes carrying out existing projects that are in
various stages of development. In addition, on January 10, 2012
the City elected to retain the housing assets and functions previously performed
by the Redevelopment Agency. The City entered into an agreement with the
Housing Authority to carry out the affordable housing production,
preservation and assistance activities, and managing all housing assets.