Hope for economic recovery in Concord was tarnished this week by news that property value has dropped.
City officials expecting to see an increase in taxable property value instead discovered a decline from $9.8 million in fiscal year 2011-12 to $9.6 million in 2012-13, the Contra Costa Times reports.
The drop means less revenue for the city, and also forced officials to forgo a plan to reinstitute salary raises for management. It also indicates that the economy in Concord "may not be recovering as expected," according to Interim City Manager Valerie Barone.
Concord's commercial real estate market is "taking it in the shorts," said County Assessor Gus Kramer. The city is having trouble bringing small businesses downtown, and vacancies are up almost 50 percent. The only businesses that seem to be doing okay are regional shopping centers, he added.
What do you think could help Concord's economy? Why is it flailing? Share your thoughts in the comments.