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HomeMy WebLinkAbout05 INVENTORY OF REAL PROPERTY ASSETSAGENDA REPORT Oversight Board of the Successor Agency of the Tustin Community Redevelopment Agency MEETING DATE: MAY 29, 2012 Agenda Item 5 SUBJECT/ACTION: INVENTORY OF FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY REAL PROPERTY ASSETS RECOMMENDATION / PROPOSED ACTION Receive and File BACKGROUND Attached is an inventory of former Tustin Community Redevelopment Agency ("Agency") Real Property Assets. On February 1, 2012, all Agency real property assets transferred to either the Successor Agency to the Tustin Community Redevelopment Agency or the Tustin Housing Authority, in the case of the one housing real estate asset. The attached chart is intended to identify the project area and location of each property, the date each property was purchased and purpose of such purchase, the original purchase, existing agreements related to the asset, and its current use. Health and Safety Code Section 34181 requires the oversight board to direct the Successor Agency to ..."Dispose of all assets and properties of the former redevelopment agency that were funded by tax increment revenues of the dissolved redevelopment agency; provided, however, that the oversight board may instead direct the successor agency to transfer ownership of those assets that were constructed and used for governmental purposes, such as roads, school buildings, parks, and fire stations, to the appropriate public jurisdiction pursuant to any existing agreements related to the construction or use of such an asset. Any compensation to be provided to the successor agency for the transfer of the assets shall be governed by the agreements related to the construction or use of that asset. Disposal shall be done expeditiously and in a manner aimed at maximizing value." Further, pursuant to Health and Safety Code Section 34180 ftl) "if a city, county, or city and county wishes to retain any properties or other assets for future redevelopment activities, funded from its own funds and under its own auspices, it must reach a compensation agreement with the other taxing entities to provide the payments to them in proportion to their shares of the base property tax, as determined pursuant to Section 34188, for the value of the property retained." Pursuant to Section 34180(f) (2), "If not other agreement is reached on valuation of the retained assets, the value will be the fair Page 2 Oversight Board May 29, 2012 Inventory of Real Property Assets market value as of the 2011 property tax lien date as determined by the county assessor. Successor Agency staff is currently researching all bond documents and restrictions for properties which are owned by the Successor Agency which may impact the Successor Agency's ability to transfer such properties for value. In particular, contracts which require the Steven's Square Parking Structure to be used for public parking purposes, and a Public Works Agreement between the City and former Agency which requires acquisition and construction of the Newport Avenue extension project. There are also a number of bills moving through the State Legislature that could likely impact any Successor Agency disposition decisions including AB 1151 (Steinberg) which could permit retention of assets for economic development purposes. There are also a number of Department of Finance (DOF) constraints. DOF is taking a written position that they will not recognize any new contracts executed after June 27, 2011 as enforceable obligations. To dispose of property and to maximize value, for those properties that can be disposed of for private development, there are certain expenses that would need to be incurred by the Successor Agency, for which no funding source has been identified, including but not limited to expenses related to: • Appraisals; • Environmental Phase 1 and Phase 2 studies and other due diligence; • Project Management/real estate services; • Legal services; and • Escrow and Title services. Recognizing that there are many issues yet to resolve including the ability to enter into contracts for services necessary for disposition and research to be completed on each property, Successor Agency staff at this time will report back to the Oversight Board when more information is available including more detailed disposition procedures. 1 117 Christine Shingleton Assistant Executive Direct Attachments Q m _ S n _ � ° z° z H - E. 3 w a' E o ° on" x o ° 8 3 ° a n `Q st ° a oz` ? zc z d = a w ° t y S a > fi E c c E D a o 3 `d E d cO ° z E D cam. c o m u `"<m ° c v a E x3 _ oat o o S v 5g ' v '" " o r 3 N > ,- O F- m N O .: 9 O a 5 ,n U D E 2 a L 00 ,.°. O .. Y O - 7 m p 112u ',',.. Ll N VO Q 7, 8 a,G ° y N C r J ` v. E. 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