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Facing a real estate slump that is expected to sharply reduce its revenue, the Long Beach, Calif., redevelopment agency board has approved a $43.9 million budget for the 1995-96 fiscal year that is one-third less than last year’s spending plan.
The agency greatly slowed its investment in reviving downtown Long Beach. It eliminated a multi-million dollar loan program that has lured major retailers, entertainment and shopping.
It cut concerts from the weekly farmers’ market downtown and also stopped funding daytime downtown guides, although they’ll continue at night.
