REPORT TO OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARA
SUBJECT
Title
Adoption of a Resolution requesting that Countywide Oversight Board appoint a Property Disposition Subcommittee
Report
BACKGROUND
The State of California dissolved all redevelopment agencies in California effective February 1, 2012. At the time of dissolution, the Santa Clara Redevelopment Agency and following, the Successor Agency to the Former Redevelopment Agency of the City of Santa Clara (Successor Agency) owned a number of parcels of land in north Santa Clara. The Successor Agency prepared and the Oversight Board and the California Department of Finance, approved a Long Range Property Management Plan (LRPMP), setting forth the process for the disposition of the properties. In accordance with Dissolution Statutes (AB1x 26, AB 1484 and SB 107), the Settlement Agreement entered into by the City, the Successor Agency and the County of Santa Clara et al and the LRPMP, the Successor Agency is required to sell all its properties.
The Successor Agency has sold two properties: Santa Clara Gateway Parcel 2 located at 5451-5455 Great America Parkway and Santa Clara Hilton parcel located at 4949 Great America Parkway and is in the process of selling two other properties, the North South Parcel and the Great America Theme Park Parcel. The Successor Agency holds several other parcels at the Santa Clara Convention Center Complex that are also to be sold.
To assist with the property disposition process, the approved LRPMP for the Successor Agency called for the creation of an evaluation team composed of Oversight Board members, including a representative from the City, to work with the Successor Agency and to evaluate offers received for the properties. The Evaluation Team has provided valuable input in the sales process for the properties sold to date.
Effective July 1, 2018, the Oversight Board for the Santa Clara Successor Agency w...
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