In the last few weeks, cities have received notices from the state that they will not be able to collect hundreds of millions of dollars they loaned to their redevelopment agencies.
El Monte likely won't get paid back the $76 million it lent to its redevelopment agency over the last three decades. The city's annual general fund budget is about $50million. La Mirada is owed $29 million from its redevelopment agency, which is nearly as much as that city's entire $35 million yearly general fund budget. Duarte has $9.5million in outstanding loans from the city to its redevelopment agency, which adds up to about 80 percent of that city's annual general fund.
Ed. Note: Phone calls to Montebello City Hall were not returned in time for publication.
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