Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
creatinganinventoryofallpropertyownedbytheRDAoverwhichitandtheOBhavejurisdictionexaminingongoingdevelopmentsaccountingforbondproceedsandunderstandingtheenforceableobligationstowhichtheSAislegallybound.TheSAsandOBsrolesincludecompletingorother-wisesatisfyingallRDAactivitiesandobtainingaFindingofCompletionFOCfromtheStateDepart-mentofFinanceDOF.TheFOCresemblesanorderliftinganautomaticstayinbankruptcysinceitallowsanSAtoidisposeofpropertyinaccor-dancewithitsPropertyManagementPlanPMPiispendproceedsofbondsthatwereissuedonorbeforeDecember212010andiiireinstateloanagree-mentsformerlybetweenanRDAanditshostjurisdiction.TodatetheDOFhasprovidedover200FOCstotheSAsofformerRDAsthroughouttheState.WithaFOCinhandtheSAmovesintoapost-complianceperiodthatbeginswithimplementingitsPMPandendswithdispositionofallRDAproperty.WhatDoesAPMPLookLikePMPssetforththemannerofdispositionofeachofthepropertieswithintheSAsjurisdiction.PMPsmustbepreparedwithinsixmonthsfollowingcompletionoftheFOC.PMPsmustdivideRDApropertyintothreebucketsandthendividethelastbucketintothreemoreBucket1-EconomicDevelopmentParcelsAnSAcanusethePMPforlongrangeplanningandcontinuetoownpropertysuitedforeconomicdevelopment.Bucket2-GovernmentPurposeandEnforceableObligationParcelsAnSAcanlistpropertyonaPMPfortransfertoacityorcountywherethereisagovern-mentalorfuturedevelopmentuseforit.TheSAcanalsolistpropertyunderacategorythatallowsittoretainorsellpropertytosatisfyanenforceableobliga-tioncreatedbyaformerRDA.byLewisG.FeldmanandDouglasA.PrawOverthenextfewyearsrecently-dissolvedCaliforniaRedevelopmentAgenciesRDAswillbesellingtheirinventoryofrealpropertyassets.Thispresentsalong-awaitedopportu-nityforrealestatedevelopers.AshasbeenwidelypublishedonJanuary312012CaliforniaGovernorJerryBrownsucceededinhiscampaigntoeliminateover400CaliforniaRedevelopmentAgenciesandthroughtheunwindingprocessreturnpropertytaxestolocaltaxingagencies.Thenalstepoftheprocessincludesprocessinganddisposingofthousandsofparcelsofformer-RDArealestate.Thecharacteristicsandqualityoftheseassetsvaryfromstrategicurbaninllparcelswithdevelopmentpoten-tialtolessdesirablesurplusorheavilyblightedproperties.ThesaleofRDApropertyrequirestheeortsandapprovalsofthreegovernmentalentities.TheSuccessorAgencySAoftheformerRDAservesasthepropertyliquidatorwhiletheOversightBoardOBservesasacreditcommitteeofsorts.BoththeSAandOBarecreaturesofStatelawwithlimitedbutimportantresponsibilities.SinceFebruary12012eachSAhasbeenchargedwith8