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|User Info||CA Controller releases May numbers; entered at 2012-06-12 18:55:46|
I have been hearing the property the state took from the redevelopment agencies is worth a fraction of what they hoped.|
On paper it looked good but commercial vacant land is worth around twenty three cents on the dollar from peak prices.
Also much of the land is encumbered with drainage facilities and parking easements. These values were one of the many tricks they used to claim a balanced budget.