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· Development and implementation of Long-Range Property Management Plan. <br />A long-range property management plan addresses the disposition of all real <br />properties of the former RDA. These can include properties that are to be transferred <br />to the City because they are being used or would be used for governmental <br />purposes (such as public rights-of-way, public parking lots, and public facilities) or <br />are suitable for disposition to a private party for development. Without an approved <br />long-range property management plan, it could be difficult to sell any property that <br />had been owned by the former redevelopment agency because title insurance <br />underwriters have been reluctant to approve policies if they do not see evidence of <br />oversight board and DOF approval of a long-range property management plan. <br />There are three non-housing properties that would be the subject of a long range <br />property management plan: the Library Parking Lot at 1012 Main Street, a vacant <br />parcel on Lathrop and a vacant parcel at the corner of Lathrop and Maple. In <br />addition, there are lease agreements for the paseo between the Jefferson Street <br />Post Office and the commercial building immediately to the north and the kiosks on <br />Courthouse Square. <br />Recommended Action <br />In light of the new requirements imposed by SB107, and in order to realize the above <br />benefits associated with a finding of completion, staff recommends that the $10.3 million <br />DDR obligation payment be remitted at this time. Since these are funds of the Housing <br />Successor, this would require a transfer to the SA, which would then submit the funds to <br />the County Auditor-Controller for distribution to the taxing entities, including the City of <br />Redwood City, in accordance with the normal redevelopment property tax distribution <br />allocation. <br /> <br />The SA would include proper documentation noting that the payment is in satisfaction of <br />the DOF DDR obligation determination and that the City’s appeal of this determination is <br />the subject of pending litigation. The payment would not affect this litigation. The City <br />continues to assert that these funds are an enforceable obligation to the Legal Aid <br />Society for housing purposes and will continue to pursue the appeal. <br /> <br />If the City’s position in this litigation prevails, as noted above, SB107 allows for the <br />repayment of these funds through the SA’s inclusion of the previously remitted amount <br />on the ROPS as an enforceable obligation. This would be paid out of the <br />Redevelopment Property Tax Trust Fund (RPTTF) which would reduce the distribution <br />to the taxing entities, including the City of Redwood City, commensurate with the <br />amount these entities received when the DDR obligation was initially distributed. <br /> <br />If and when repaid, the funds would be returned to the Low and Moderate Income Asset <br />Fund. Because of the healthy and growing assessed value of the RDA project area, it is <br />expected that the $10.3 million would be recouped from the RPTTF within one to two <br />years. <br /> <br /> <br />6.3.B. - Page 3