BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT: Title
Adopt a Resolution Authorizing the Approval of the Compensation Agreement Transferring Three Public Parking Garage Parcels in Sunnyvale from the Sunnyvale Successor Agency to the City of Sunnyvale and Authorize the Chief Executive Officer to Execute the Compensation Agreement.
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RECOMMENDATION: Recommendation
A. Adopt the Resolution AUTHORIZING THE APPROVAL OF THE COMPENSATION AGREEMENT TRANSFERRING THREE PUBLIC PARKING GARAGE PARCELS IN SUNNYVALE FROM THE SUNNYVALE SUCCESSOR AGENCY TO THE CITY OF SUNNYVALE; and
B. Authorize the Chief Executive Officer to execute the Compensation Agreement.
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SUMMARY:
Nearly 15 years ago, the State took action to dissolve redevelopment agencies in California. The Sunnyvale Successor Agency ("Successor Agency") is very close to dissolving as the last 3 remaining properties will be transferred to the City of Sunnyvale ("City") from the Successor Agency via a compensation agreement. The City, County of Santa Clara, and the Redevelopment Dissolution Countywide Oversight Board of Santa Clara County ("Oversight Board") have all signed off on the Compensation Agreement. State law requires all affected taxing entities to consent to the transfer of the properties through the Compensation Agreement before the transfers can take place. The taxing entities (including Valley Water) will be released from future liability associated with the 3 properties (one of which has contamination issues). The City will take on that liability.
The Successor Agency will dissolve upon execution of the Compensation Agreement by all parties. Once the Successor Agency is dissolved, Valley Water should see an overall increase in revenue as a result of administrative and other costs no longer needing to be expended related to the Successor Agency. There is no monetary exchange for this agreement, however, st...
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