The City Council voted unanimously Tuesday to become the "successor agency" to Coronado's redevelopment agency, under the provisions laid out by the state Assembly last year.
The city had until Friday to declare its intentions to the county. It was the first of several deadlines coming in quick succession over next five months that the city has to meet to see that the agency's assets are disposed of in a responsible manner, director Rachael Hurst said.
City Manager Blair King compared the process – which follows – to separating conjoined twins in 30 minutes.
The city now is responsible for seeing that the agency's debt obligations are met. They include bond payments of $189 million set to be repaid by 2036. The city's redevelopment agency handled a variety of projects, including renovations at Sharp Coronado Hospital and the school district.
King said the city is not concerned about future projects – like the ongoing Chargers issue in San Diego – but how to address its finances.
“We don’t want build a stadium, we just want to pay our debts,” said King.