The state Department of Finance has released $11 million in bond proceeds to Placer County, which plans to use them for highway improvements.
The funds, on hold for two years following the disbanding of the county redevelopment agency, will be put toward projects in north Lake Tahoe and Auburn, county spokesman Robert Miller said in a news release.
About $10 million will go toward the Kings Beach Commercial Core Improvement Project, which will revitalize a 1.1-mile section of Highway 28 through Kings Beach. The remaining $1 million will be used toward the Highway 49 improvement project in Auburn.
"State law that disbanded all redevelopment agencies allowed (the Department of Finance) to hold these funds from being expended until Placer County could prove that no further monies were owed the state by the former agency," Miller said.