City of Cypress
From 11/2015 to 12/2015
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 disposition of Successor Agency’s property. Kosmont aided the SA with advisory assistance with DOF negotiations, as well as determining the appropriate future uses and strategies for the disposition of one of its PMP properties.
Kosmont Realty Corporation (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 a ~13.3 acre commercial vacant lot located on the NWC of Katella Avenue and Winners Circle, in order to support any future decision of the SA regarding the ultimate disposition of the subject property. KRC was subsequently retained by the City of Cypress to provide brokerage services for the sale and disposition of the aforementioned 13.3 acre site, which is currently underway.