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Eastside's CRA Plan

April 04, 1999

* The Community Redevelopment Agency has led the people of Boyle Heights and El Sereno to believe that the CRA is going to pump $159 million of property taxes into their community over the next 30 years (March 25). The truth is that if that amount is generated, the CRA can only sell $53 million worth of bonds, because the interest alone on the bonds over the life of the plan will be $106 million. The CRA takes $8 million for administration, leaving $45 million after repayment of principal and interest.

How can they continue to convince people that taking $100 out and giving back $20, after taking their piece of the pie for salaries and pensions, is wonderful? I guess they mean wonderful for the CRA.

DON LIPPMAN

Los Angeles

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