01/26/2011 05:40 pm ET | Updated May 25, 2011

California Redevelopment Funds 'Not There', Brown Tells Mayors

As California's big-city mayors rallied in Sacramento to save their redevelopment agencies from the fiscal chopping block, Gov. Jerry Brown pushed back Wednesday with a simple and direct message: "The money's not there."

Striking a strident tone in an afternoon press conference, Brown called the redevelopment agencies a "piggy bank" that the state needs to crack open to fund education and local services as California grapples with a $25-billion deficit. He said shutting down the state's nearly 400 municipal redevelopment agencies is a crucial part of his budget proposal and will save $1.7 billion.

Read more on Los Angeles Times