TITLE
Recommendation to approve the amendment to the Revised Long Range Property Management Plan; and authorize submittal to the Oversight Board and, if approved by the Board, to the State of California Department of Finance for approval. (Citywide)
DISCUSSION
Chapter 9 of AB 1484 (“Post Compliance Provisions”) provides that within six (6) months following issuance of a Finding of Completion to a successor agency, that successor agency shall submit, subject to approval of its oversight board, a Long Range Property Management Plan to the State of California Department of Finance (DOF). The Successor Agency received its Finding of Completion on April 23, 2013.
In October 2013, the Successor Agency and the Oversight Board authorized staff to submit the Long Range Property Management Plan (Plan) to the DOF. The Plan was submitted promptly thereafter. Following a preliminary review of the Plan, the DOF requested clarification and additional documentation regarding certain properties. As a result, the Successor Agency and the Oversight Board, on January 20, 2015 and February 2, 2015, respectively, authorized staff to submit a revised Plan (Revised Plan) with the requested updates.
On March 10, 2015, the Department of Finance approved the Agency’s use or disposition of all the properties in the Revised Plan with the following exceptions:
· Property Nos. 22-27 (Wrigley Market Place)
· Property No. 135 (parking lot at Market Street and Long Beach Boulevard)
· Property Nos. 139-141 (parking lot at Linden Avenue and South Street)
· Property Nos. 234-236 (Cal Can Holdings Development)
The DOF requested that the Successor Agency change the permissible use (i.e., Enforceable Obligation, Government Use, Sale of Property and Future Development) of the four groups of properties. The attached Amendment to the Revised Plan (Attachment A) changes the permissible use of the properties from either Future Development or Government Use to Sale of Property. The Amendment t...
Click here for full text