TICK TOCK: To Surplus or NOT to Surplus, That's the Question

REMINDER: TIME SENSITIVE

To SURPLUS or NOT to SURPLUS:

That is the question?

Assembly Bill 1486 (“AB 1486”), approved and effective January 1, 2020, revised the California Surplus Land Act (Govt. Code Sect.54220) (“Act or Surplus Land Act”) to expand requirements for local agencies; fundamentally altering the required process to sell and dispose of designated surplus property.

WHAT'S THE TIMING?

WHAT'S THE PROCESS?

WHAT ARE THE PENALTIES FOR NON-COMPLIANCE?

WHAT TO DO NEXT?

Successor Agencies (SA): The clock is ticking for SAs that seek to sell property, designated in an LRPMP as “For Sale” or “Retain for Future Development” without having to first comply with the 60 to 150 day process outlined in AB 1486.

Kosmont Real Estate Services dba Kosmont Realty (DRE #02058445), can help SAs complete and review properties and successfully develop and implement an accelerated preferred disposition program.

CALL US TO SET UP A CONSULTATION

Discuss how AB 1486 might apply to your property

and how Kosmont Realty can help!

KR has a proven track record of successful former RDA property sales. Since RDA dissolution, KR has sold or is in the process of selling over 40+ properties successfully for successor agencies/housing successor agencies/housing authorities that have facilitated the development of lasting economic and real estate projects that create jobs and taxes.