To Surplus or NOT to Surplus: That's the Question

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 ARE THE KEY CHANGES?

WHAT'S THE PROCESS?

POTENTIAL AB 1486 EXCEPTIONS

WHAT TO DO NEXT?

Successor Agencies : 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 AB 1486. Kosmont Real Estate Services dba Kosmont Realty, can help SAs complete and review properties and successfully develop and implement an accelerated preferred disposition program.

Local Agencies: Cities and counties that did not meet the September 30, 2019 deadline will likely need to comply with the new rules under AB 1486 . Kosmont Realty (KR) helps public agencies develop and implement land disposition exit strategies in pursuit of economic and real estate development projects that comply with new AB 1486 rules.

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 over 30+ 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.