10C Action 2011 0307 - Laserfiche WebLink

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CITY OF SAN LEANDRO/ REDEVELOPMENT AGENCY OF THE CITY OF SAN APPROVED AND LEANDRO FORWARDED TO CITY COUNCIU STAFF REPORT REDEVELOPMENT AGENC tephen L. Hollister DATE: March 7, 2011 City Manager /Executive Director TO: Stephen L. Hollister, City Manager /Executive Director FROM: Luke Sims, Community Development Director p VIA: Cynthia Battenberg, Business Development Manager BY: Jeff hay, Business Development Analyst — SUBJECT PROJECT /PROJECT DESCRIPTION: MATTER OF A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY AND REDEVELOPMENT AGENCY, AUTHORIZING THE TRANSFER OF REAL PROPERTY FROM THE REDEVELOPMENT AGENCY TO THE CITY SUMMARY AND RECOMMENDATION Draft legislation released by the California Department of Finance on February 23, 2011 states that, after the proposed dissolution of redevelopment agencies on July 1, 2011, all redevelopment agency assets must be disposed of "expeditiously and in a manner aimed at maximizing value." Proceeds from the sale of those assets must be remitted to the County Auditor Controller for redistribution to various taxing entities. Although this legislation is subject to negotiation between the Governor's office, the State Senate and the State Assembly, there is reason to believe that a bill similar to this draft may be voted on by the Governor's deadline of March 10. To avoid losing all land and improvements owned by the Redevelopment Agency, a Disposition and Development Agreement has been prepared to facilitate the conveyance of those assets to the City at no cost. Failure to protect those assets would threaten or eliminate entirely the ability of the Agency and City to complete priority development and public improvement projects. Staff recommends authorization of a Disposition and Development Agreement between the Redevelopment Agency and City of San Leandro and authorization of the transfer of real property from the Agency to the City.