East LA Cityhood Bill Signed

By EGP News Report

Gov. Arnold Schwarzenegger on Monday signed into law AB 711 that authorizes a loan to cover the remaining costs of the East Los Angeles’ Comprehensive Fiscal Analysis (CFA).

While the approval comes almost two months late, the East Los Angeles Residents Association (ELARA) did meet the April 30 deadline to pay for the study, allowing it to move forward.

The $134,000 study was paid for using funds raised through car washes, menudo breakfasts, a fundraising dinner, a tour of famous murals, a partnership with a local electronics-recycling business and a casino night fundraiser in partnership with East LA-based Pan American Bank, according to an ELARA press release.

Nonetheless, the funds authorized by AB 711, authored by state Assemblyman Charles Calderon (D-Montebello), could still come in handy as ELARA moves forward with plans to achieve cityhood for East Los Angeles.

The loan for up to $45,000 can be used to pay for the CEQA Environmental Review or to finance any challenges to the review or CFA, according Calderon’s chief of staff, Tom White.

The study, which will audit revenues generated in the area in order to determine if unincorporated East LA could sustain itself as an incorporated city, is expected to take six to eight months to complete.

If a loan is taken out and cityhood efforts are successful, the new “City of East Los Angeles” would have two years after incorporation to pay-off the loan plus interest. If East LA does not become a city, the loan would be forgiven, White told EGP.

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June 10, 2010  Copyright © 2012 Eastern Group Publications, Inc.

Comments

One Response to “East LA Cityhood Bill Signed”

  1. Jesse Torres on June 13th, 2010 8:26 am

    Congratulations to ELARA!

    Jesse Torres
    President and CEO
    Pan American Bank
    East Los Angeles, CA 90063
    “California’s Oldest Latino-Owned Bank”

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