Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Manager
Subject: Compensation Agreement with City of San Mateo
RECOMMENDATION:
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Adopt a resolution authorizing the execution of a compensation agreement pursuant to Health and Safety Code ? 34180(f) with the City of San Mateo regarding the disposition of former Redevelopment Agency properties at 480 East Fourth Avenue and 400 East Fifth Avenue in the City of San Mateo.
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BACKGROUND:
In 2012, the State of California enacted legislation that required the dissolution of approximately 400 Redevelopment Agencies (AB 26, AB1484). In accordance with that legislation, the Redevelopment Agency of the City of San Mateo (RDA) was dissolved and the City of San Mateo ("City") elected to serve as Successor Agency. In its capacity as the Successor Agency, the City prepared a Long Range Property Management Plan (LRPMP) to address the disposition of the former redevelopment properties which has been approved by the RDA Oversight Board and the California Department of Finance (DOF). The LRPMP calls for the properties at 480 East Fourth Avenue and 400 East Fifth Avenue, which are currently used as surface parking lots containing 235 public parking spaces, to be transferred by the Successor Agency to the City for future development.
The approved LRPMP states that the City will enter into a compensation agreement with the affected taxing entities (including the County) prior to the City's disposition of the properties and provide for any net proceeds of sale to be distributed as property taxes to the affected taxing entities and that the purchase price to be paid for the properties will be not less than the fair reuse value of the properties with the covenants, conditions, and development costs authorized pursuant to a Disposition and Development Agreement, as determined by formal action of the City Council. Per the LRPMP, O...
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