With a new mayor about to take office and a redevelopment agency now in place, the city has moved closer to that future.

Of the funds raised by the redevelopment agency now, 20 percent go to housing.

The redevelopment agency spent $50 million in early construction, including roads and water lines.

The final authority would rest with a redevelopment agency designated by the council, he said.

But the redevelopment agency estimates that a million square feet of new office space would be needed to support it.

In 2012 the state of California abolished all local redevelopment agencies.

A redevelopment agency is a government body dedicated to urban renewal.

Those who do so usually recover more in compensation than what is offered by the redevelopment agencies.

Local redevelopment agencies also may be forced to reimburse the state.

Merritt Island has a redevelopment agency funded by the county.