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Where does the money come from to undertake redevelopment activities?
The main source of funding comes from tax increment dollars. This money is generated when the assessed value of a property is increased in accordance with Proposition 13, which was enacted by the voters of California in 1978. Assessed value of a property may be increased by change of ownership, the annual inflationary adjustment (not be exceed 2%), or in the event of new construction or significant rehabilitation of a property.