DATE:
September 24, 2024
05
TO:
Board of Supervisors
SUBJECT
Title
APPROVE COMPENSATION AGREEMENT REGARDING BALBOA THEATRE PROPERTY RETAINED BY THE CITY OF SAN DIEGO FOR FUTURE DEVELOPMENT (DISTRICTS: ALL)
Body
OVERVIEW
On February 1, 2012, California redevelopment agencies were dissolved, and successor agencies were appointed to wind down redevelopment affairs, including the disposition of real estate owned. ABX1 and AB 1484 (collectively known as the "Dissolution Act") provide the methods of disposition available to successor agencies after a Long Range Property Management Plan (LRPMP) is prepared and approved.
The California Department of Finance approved a final, amended version of the City of San Diego (City) Successor Agency's LRPMP on October 15, 2015. One of the properties included in the approved LRPMP is the Balboa Theatre property. The Balboa Theatre is an approximately 44,000 square-feet, five-story building, located on an approximately 15,000 square feet parcel at 868 Fourth Avenue in Downtown San Diego. This property has been retained by the City for future development in accordance with its LRPMP.
According to California Health and Safety Code Section 34180, a compensation agreement must be established between the city retaining ownership of a future development site and the other affected taxing entities associated with the former redevelopment area, wherein the affected taxing entities receive payments from the city in proportion to their shares of the base property tax for the value of the property retained by the city for future development. The County of San Diego (County) is one such affected taxing entity associated with the Balboa Theatre property. Today's action is to approve the compensation agreement between the City and the County, and direct the Clerk of the Board to execute the agreement.
Today's action supports the County vision of a just, sustainable, and resilient future for all, specifically those communities and ...
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