Taxpayer bill for scaled down Redondo Beach waterfront project: $200 million

REDONDO BEACH — A voter initiative proposed for Redondo Beach’s March 2017 ballot could result in a smaller scale redevelopment of the city’s harbor district, potentially costing local taxpayers nearly $200 million, a city report estimated. A private developer is currently backing the harbor renovation project known as The Waterfront, but it could walk away if voters approve the King Harbor Coastal Access, Revitalization and Enhancement (CARE) Act. The Waterfront redevelopment project currently has a price tag between $300 million and $400 million, but CenterCal, a real estate development firm based in El Segundo, would finance the plan’s execution. CenterCal CEO Fred Bruning told The Log in July his company would not be able to move forward with its Waterfront project it had to abide by the conditions of the ballot initiative. “If it should come to reality I think it would effectively shut down any redevelopment on the Waterfront for decades, leaving the city with daunting financial obligations with no means to pay for them,” Bruning told The Log in an email a few months ago. Updating waterfront infrastructure, replacing area buildings and constructing a new boat launch ramp facility would cost Redondo Beach $196 million if required to adhere to the terms of...