UA-40932197-1

Compton RDA successor agency is selling off city properties

Kofi Sefa-Boakye

Kofi Sefa-Boakye

Back in November 2010, the head of the City of Compton’s Redevelopment Agency was placed on leave for issues surrounding the handling of city money.  Ironically, this same individual has been tapped to lead the Successor Agency to RDA.  Why?  He is back up to his shenanigans he was involved in while RDA existed.[Breaking News: CRA director Sefa-Boakye put on leave]

Under Sefa-Boakye the allegations included:

The agency has also been the target of criticism for its practice of lending and giving away redevelopment dollars to major developers, including a $6 million loan to the developers of Gateway Towne Center, Prism-IQ Partners LLC;  a $2.85 million loan and $250,000 giveaway to Danny Bakewell’s Compton Commercial Development Renaissance Plaza LLC; and a $2.3 million loan that did not stipulate a repayment plan to Alameda Court LLC, developer of the still-vacant housing located at Alameda and Myrrh streets.”

Its interesting that with the loan to Gateway Towne Center developers, Prism-IQ, they still where close to having the property foreclosed on.

[GATEWAY TOWNE CENTER—COMPTON’S NEWEST—USES TAX-CREDIT MECHANISM TO NARROWLY AVOID FORECLOSURE]

The article goes on further to state:

“The agency recently issued almost $100 million in tax-revenue bonds to  fund a host of projects and aforementioned property acquisitions.  Activists have accused the city of misusing the money in part to help  fund the comeback of the Compton Police Department.”

However the county clerks office has no record of this transaction.

[COUNTY CLERK HAS NO RECORD THAT COMPTON RDA EVER FILED MANDATED STUDY OF $100 MILLION BOND ISSUE]

Most recently Prism-IQ was authorized to purchase several city properties as detailed in the Succesor Agency agenda dated this past March.

A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF COMPTON

APPROVING THE PROPOSED PURCHASE BY PRISM-IQ PARTNERS, LLC OF CERTAIN SUCCESSOR AGENCY OWNED PROPERTY IDENTIFIED AS ASSESSOR PARCEL NUMBERS (7318-003-966, 967, 968 969, 970, 971 & 972) OR COMMONLY REFERRED TO AS THE GATEWAY TOWNE CENTER PROJECT -PHASE II


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