Today redevelopment agencies are officially kaput. If you think eliminating them is as simple as a stroke of a pen, check out this helpful chart the friendly folks at CSMFO put together on how existing revenues, contractual obligations, etc. will be dealt with. Clear as mud:
Hey Accounting, have fun with that!
Also, Mark Paul has a good write-up -- worth checking out -- putting redevelopment in its historical and broader policy context.