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Property Inventory & Associated Actions <br />July 2, 2012 <br />Page 2 <br />properties consist of a park, parking lots and parking structures, street right-of- way (ROW), and <br />museum facilities. <br />The purpose of this report is to provide information to the Successor Agency regarding these <br />properties as directed by the Oversight Board at its June 26, 2012 special meeting. An <br />administrative error was discovered after the Oversight Board action with regard to Property Item <br />#17 (correction is reflected in Attachment A of Exhibit 1). It was discovered that the former <br />Redevelopment Agecy owned the entire parcel used as a parking garage rather than 2/3 <br />ownership. The Oversight Board will be informed of the administrative error at the next Oversight <br />Board meeting. The City Manager has been authorized by the Oversight Board to prepare and <br />release a Request for Proposals (RFP) for broker services, execute a contract with the <br />designated broker to assist in the disposal of the Marketable Properties, direct the transfer of title <br />to property in City service (Governmental Use) to the City of Santa Ana, and authorize Successor <br />Agency staff to take any actions necessary to correctly vest title in such properties with the City. <br />The proceeds from the sale of any property net of any costs and expenses incurred by the <br />Successor Agency in maintaining, and disposing of the properties, would be used first to reduce <br />outstanding obligations of the Successor Agency and to otherwise wind down the affairs of the <br />former Redevelopment Agency, with any excess going to the County Auditor-Controller for <br />disbursement to other taxing agencies. <br />The Successor Agency properties are broken into the following categories: <br />Marketable Properties <br />These properties are to be disposed of in a manner aimed at maximizing value. These properties <br />will be marketed through a broker selected through a Request for Proposal process. <br />Governmental Use <br />Governmental Use properties are fundamentally different from Marketable Properties or <br />Properties Subject to Enforceable Obligations by virtue of their use in the ongoing provision of <br />governmental services by the City. A different process is appropriate to deal with the disposition <br />of these properties, which recognizes such factors as: (i) the importance of the ongoing, <br />uninterrupted provision of governmental services; (ii) the fact that these properties are subject to <br />covenants in connection with public financings; and/or (iii) the circumstance that some facilities <br />are devoted to public use and are special purpose facilities. <br />Properties Subject to Enforceable Obligations <br />Properties in this category are the subject of an agreement entered into between the former <br />Redevelopment Agency and a private party under a written contract that obligated the Agency to <br />lease or retain these properties to the benefit of the private party. Because of such obligations, <br />these properties are not subject to a disposition procedure. <br />2-2