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Consider adoption of a resolution approving the agreement for the Purchase and Sale of Real Property and Joint Escrow Instructions with CF Suisun 1, LLC for the transfer of property located at 701, 711, 713, and 717 Main Street, City of Suisun City (Solano County Assessor's Parcel Numbers 0032-130-010; 0032-130-030; 0032-130-040; and 0032-130-060), and directing transmittal of the Oversight Board's action to the California Department of Finance pursuant to Health and Safety Code section 34180(j)
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Published Notice Required? Yes _X__ No __ _
Public Hearing Required? Yes ____ No _X _
RECOMMENDATION:
It is recommended that the Solano Consolidated Oversight Board adopt a resolution approving the agreement for the Purchase and Sale of Real Property and Joint Escrow Instructions with CF Suisun 1, LLC for the transfer of property located at 701, 711, 713, and 717 Main Street, City of Suisun City (Solano County Assessor's Parcel Numbers 0032-130-010; 0032-130-030; 0032-130-040; and 0032-130-060), and directing transmittal of the Oversight Board's action to the California Department of Finance pursuant to Health and Safety Code section 34180(j).
DISCUSSION:
Oversight Board Authority and Required Notice
The Successor Agency has not received a Finding of Completion from the California Department of Finance pursuant to Health and Safety Code section 34179.7. Accordingly, disposition of former redevelopment agency property is governed by Health and Safety Code sections 34177(e) and 34181(a), which require the Successor Agency to dispose of the assets of the former redevelopment agency as directed by the Oversight Board, expeditiously and in a manner aimed at maximizing value.
Pursuant to Health and Safety Code section 34181(f), an action taken under section 34181(a) must be approved by resolution of the Oversight Board at a public meeting held after not less than ten (10) days' notice to the public of the specific proposed action. Notice of th...
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