SA Item 1 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement

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Joint Public Hearing — Resolution and Purchase and Sale Agreement for Acquisition of Real Property for Parking Lot September 17, 2024 Page 3 administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs. The Oversight Board to the Successor Agency has oversight with respect to the Dissolution process, including final review and approval of the Long Range Property Management Plan (LRPMP). The Oversight Board has fiduciary responsibilities to holders of enforceable obligations and to the taxing entities that benefit from distribution of property tax and other revenue. As of June 30, 2018, the Orange County Auditor Controller is overseeing this function. The property identified by the City for a parking lot is identified in the LRPMP for disposition. The Successor Agency may dispose of these properties after authorization from the Oversight Board and the Department of Finance. Approval of the resolution will allow staff to present the sale of the properties to the Oversight Board and the Department of Finance for authorization. Once authorized, the Successor Agency may proceed with the sale of the properties to the City and remit the proceeds to the Orange County Auditor Controller for distribution amongst taxing entities. Notice of the time and place for the public hearing was published in the OC Reporter on August 30, 2024 and September 9, 2024, once a week for two weeks in newspaper of general circulation, pursuant to Health and Safety Code Section 33431. The Property The Property consists of sixty (60) parking spaces, landscaping, decorative cinder block columns, and wrought iron fencing. The Property is subject to a Parking Space Agreement ("Parking Agreement") dated May 18, 1993 between the RDA and the adjacent property owner, which assures the availability of 60 parking spaces to serve the building located at 200 North Main Street ("Builders Exchange"). This Property is also subject to a property maintenance license and revocable access easement agreement ("Maintenance - Access Agreement") entered by the Successor Agency and the adjacent property owner (Swinerton) on October 11, 2019. The Maintenance - Access Agreement was initially for a three year period, with automatic annual renewals to allow ingress and egress the Property's parking lot and access to the Builders Exchange building. The purchase of the Property will continue to be subject to both the Parking and Maintenance — Access Agreements, but could be developed for future public benefit purposes through a cooperative arrangement with the adjacent property owner. Surplus Lands Act The property is being disposed of in accordance with the California Surplus Lands Act, Government Code §54220 et seq. This resolution declares the property exempt surplus under California Government Code section 54221(f)(1)(D), and allows the Successor Agency to enter into a Purchase and Sale Agreement with the City.