DEBT REPAYMENT
The council approved an ordinance on Tuesday to extend debt-repayment deadlines for redevelopment projects in the Golden State, City Centre and West Olive areas of Burbank. This modification of the redevelopment agency's plans is an attempt to mitigate the financial impacts of state legislation that requires agencies to make payments to the county auditor to reduce the state's education-budget shortfall.
WHAT IT MEANS
The resolution gives the redevelopment agency an extra year to complete its projects, collect taxes and repay debt accumulated through project costs.