Alhambra Successor Agency
From 10/2014 to 06/2015
Assembly Bill 1484 (AB 1484) includes various requirements pertaining to the utilization and/or disposition of real estate assets owned by the former Redevelopment Agency in each city. In broad terms, the Successor Agency (SA) to the former Redevelopment Agency must complete a two-step process before real property may be transferred, sold, and/or put back into use. The first step is to obtain a Finding of Completion (FOC) determination from the California Department of Finance (DOF). The second step is to submit a Long Range Property Management Plan (PMP) which describes the properties under the SA’s ownership and their intended disposition or use.
Kosmont Companies (Kosmont), an affiliate of KRC, is a public/private real estate transactions and economic development advisory firm that provided PMP and real estate advisory services to the SA in an effort to help productively advance and ultimately secure approval of the Successor Agency’s PMP by the DOF, which occurred on March 30, 2015. Kosmont aided the SA in preparing its PMP, advisory assistance with DOF negotiations, as well as determining the appropriate future uses and strategies for property disposition. KRC additionally assisted with the preparation of a broker opinion of value (BOV) to evaluate the current value of a property contained in the PMP, which is an existing parking lot located on S. Monterey St., in order to support any future decision of the SA regarding the ultimate disposition of the subject property.