County Will Create Financing District to Replace Redondo Beach Power Plant with Open Space
Redondo Beach, CA— Today, the Los Angeles County Board of Supervisors announced their intent to create a new financing district to help fund the massive effort to tear down the AES Power Plant in Redondo Beach and replace it with restored wetlands, a new regional park, and private development.
“This power plant is an eyesore and we have an opportunity now to transform this site into a massive regional park and restore some of the wetlands that this power plant destroyed,” said Supervisor Janice Hahn. “There is plenty of work ahead of us, but this is a major step in returning this prime piece of waterfront real estate to the people.”
The proposed project will require a significant investment beyond the means of the City of Redondo Beach. Today the Board of Supervisors, led by Chair Janice Hahn, announced their intent to participate in an Enhanced Infrastructure Financing District. The financing district would help raise the $93 million necessary for land acquisition, powerline removal/undergrounding, circulation improvements, park amenities, and a parking structure.
“This is truly a team effort of the City, the South Bay, the State and now the County of Los Angeles” said Redondo Beach Mayor Bill Brand who testified at today’s Board meeting. “Many thanks to the Supervisors and their staff for their support. We can’t convert this site to public uses without their support.”
The power plant was built in 1954 on the waterfront in Redondo Beach and was owned and operated by Southern California Edison until 1998, when the electric industry was restructured, and SCE sold its generating facility to AES. The power plant is now scheduled to shut down in 2020.
An Enhanced Infrastructure Financing District would not raise additional taxes on any individual or entity. Bonds will be issued to cover the cost of the new infrastructure. A portion of the taxes collected on the limited new private development will be used to pay the interest and debt on the bonds.