Pursuant to AB X1 26, as upheld by the Supreme Court in California Redevelopment Association, et al. v. Matosantos, et al. (Case No. S194861), the Norwalk Redevelopment Agency (the "Redevelopment Agency") is dissolved as of February 1, 2012. The City of Norwalk (the "City") has elected to serve as the successor agency to the Redevelopment Agency (the "Successor Agency").
The Norwalk Redevelopment Agency was established in 1984 to promote the City's commercial attractiveness and strengthen its fiscal capacity. Norwalk's redevelopment project areas encompass each of the community's major commercial corridors and shopping districts. These include Firestone Boulevard, the Norwalk Entertainment Center, Norwalk Towne Square, Paddison Square, Alondra Boulevard, South Norwalk and the Carmenita Industrial Park.
The Redevelopment Agency has played a vital role in the revitalization of the City's major commercial and industrial areas. Its purpose is to stimulate new private investment, such as the attraction of two new Target Stores and a Wal-Mart store to the community. The Agency is also supportive of maintaining a healthy and stable business environment for existing business owners. Major business retention projects include the McKenna Motors Expansion project , the expansion of the parking area for the Norwalk Superior Court and the development of the Norwalk Entertainment Center. In addition, studies are underway to evaluate the potential uses for the "Norwalk Tank Farm", including creation of light industrial, commercial and recreational facilities.