Following redevelopment dissolution in 2012, advancing redevelopment wind-down efforts require the Successor Agency to dispose of the real property assets of the former Garden Grove Agency for Community Development (former Agency). This is achieved through implementation of the Long Range Property Management Plan (LRPMP) approved by the California Department of Finance that governs the disposition method for the former Agency properties.

The subject property is identified as Assessor Parcel Number 231-471-23 (Property) and is listed as Property Number 55 in the LRPMP.  The Property is rectangular shaped land area of approximately 7200 square feet (.0165 ac). The parcel is vacant and unimproved (Exhibit A).

The Property is located at 12311 Thackery Drive, west of Harbor Boulevard, north of Twintree Avenue, and is subject to an Exclusive Negotiation Agreement with Kam Sang (Developer). An appraisal by an independent professional appraiser determined the Fair Market Value to be $460,000. The appraisal report is attached as (Exhibit B).

It is recommended that Successor Agency authorize staff to proceed with the disposition process and forward the appraisal to the Countywide Oversight Board for approval. Upon approval, staff will advertise the notice of public hearing for disposition of real property and return the item on a future date to adopt a Resolution to approve the sale of the Property to the Developer.

There is no fiscal impact for this action. The appraised value will be $460,000. Proceeds from the sale will be remitted to the County Auditor Controller for disbursement to the local taxing entitites.

It is recommended that the Successor Agency:

• Authorize the Executive Director to proceed with the disposition process for the Real Property located 12311 Thackery Drive.