According to Webster's Dictionary, it is defined as the following:
redevelopment\ n: renovation of a blighted area
In 1964, the Torrance Redevelopment Agency was created to do just that. Its primary function was to assist the City in eliminating blight from a designated area within the City, and to attract new commercial, industrial, and residential developments in order to improve and breathe new life into an area.
It is governed by the City Council members acting as Agency Members and the City Manager as its Executive Director. The Community Development Director acts as the Deputy Executive Director and manages the Redevelopment Division Planners who administer the daily functions of the Redevelopment Agency and work in conjunction with other City departments to achieve the goals set forth by the Redevelopment Agency.
Currently, there are four Redevelopment Project Areas within the City of Torrance:
1. Meadow Park
Redevelopment is one of the most effective ways to bring new life into deteriorated areas plagued by social, physical, environmental or economic conditions, which act as a barrier to new investment by private enterprise. Through redevelopment, these project areas have received focused attention and financial investment to reverse deteriorating trends, create jobs, revitalize the business climate, rehabilitate and add to the housing stock, and gain active participation and investment by citizens, which would not otherwise occur.
The Agency uses a process called "tax increment financing" to carry out its goals. When an area is designated as a redevelopment area by the City Council, the property within the boundaries of the project area has a certain total property tax value. If this total assessed valuation increases due to redevelopment effort, most of the taxes that are derived from the increase go to the Redevelopment Agency. These "tax increments" can be used only in the same project which generates them, except for residential projects, which benefit low-and moderate income households.
The Torrance Redevelopment Agency is committed to achieving the goals of eliminating blight and assisting in development, reconstruction and rehabilitation projects in the redevelopment project areas and is always willing to assist private citizens with their development ideas. If you are interested in any of our activities or would like more information please contact us at (310) 618-5990.