5:01 p.m., Dec. 4
Downtown Redevelopment Really Does Work...
Redevelopment projects in downtown resulted in $44 million more than was spent on city services in 2010, says a recent financial analysis from Keyser Marston Associates. The study, paid for by Centre City Development Corporation, also found that redevelopment in downtown will bring around $1.2 billion during the next forty years.
CCDC officials and downtown’s council representative Kevin Faulconer wasted no time before celebrating the news.
“As the city council representative for downtown, I’m glad we now have data substantiating the fact that the public investments made in downtown are paying important dividends throughout our city and supporting all San Diego communities,” said councilmember Kevin Faulconer.
“Downtown is an important economic driver for our city and is truly everyone’s neighborhood,” stated councilmember Kevin Faulconer.
Redevelopment projects in downtown have come under fire recently, with councilmembers such as David Alvarez becoming critical of the amount of redevelopment assessments diverted to downtown and not other project areas.
But CCDC’s board members disagree.
“This study proves what we’ve known all along,” said CCDC chair Kim Kilkenny/ “Downtown redevelopment benefits all of San Diego by bringing in more revenue that can be used for streets, parks and public safety citywide.”
More like this:
- City Council and Centre City Redevelopment Reach Compromise Over Convention Center Debt — March 31, 2011
- Should City's Debt Relief Come from Redevelopment Coffers? — March 16, 2011
- San Diego Joins the Statewide Race for Redevelopment — Jan. 31, 2011
- Faulconer Wants to Hasten Downtown Projects — Jan. 28, 2011
- CCDC Paying For Convention Center Development A Wise Move? You Bet! — Dec. 23, 2010