By Deborah Crowe | Los Angeles Business Journal
Gov. Jerry Brown on Wednesday created a special three-member governing board that will be responsible for dissolving the Community Redevelopment Agency of Los Angeles.
The California Supreme Court in December upheld Brown’s proposal, later approved by the Legislature, to dissolve local redevelopment agencies in order to free up nearly $2 billion dollars for the state’s cash-strapped general fund. The Los Angeles City Council last month voted not to take over redevelopment responsibilities once the CRA ceased to exist as of today.
The board appointees are attorney Timothy McOsker of San Pedro, a partner at Mayer Brown who was chief of staff for former Mayor James Hahn; real estate investor Nelson Rising of La Cañada Flintridge, former chief executive of MPG Office Trust and a former chairman of the board of the Federal Reserve Bank of San Francisco; and government relations consultant Mee Semcken of San Marino, a former city council liaison for the Los Angeles redevelopment agency.
The board will oversee paying down bond debt, following through on contractual obligations, disposing of former agency assets and other tasks.
The Los Angeles entity is among four such boards that Brown appointed on Wednesday, including those for the cities of Merced, Stanislaus and Ventura.