California Government Code 14670.55 – The Director of General Services, with the approval of the State …
The Director of General Services, with the approval of the State Public Works Board, may, based on current market value and upon any terms and conditions, and with reservations and exceptions, that in the director‘s opinion may be in the best interest of the state, do both of the following:
(a) Acquire the privately held inholding at 1114 P Street, in the City of Sacramento.
Terms Used In California Government Code 14670.55
- City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
- director: refer to the Department of General Services and the Director of General Services, respectively, unless the context otherwise requires. See California Government Code 14602
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(b) Sell another property within that block or another property within the area of the Capitol Area Development Plan.
Not less than 15 days prior to taking the actions specified in this section, the director shall notify the Chairperson of the Joint Legislative Budget Committee of the director’s intended actions, or not sooner than any lesser time that the chairperson, or his or her designee, may in each case determine. This notification shall include a statement on whether the state shall receive fair market value for the sale of its property or, in the event the director determines it is in the best interest of the state to receive less than fair market value, the reasons supporting that belief.
(Added by Stats. 1991, Ch. 662, Sec. 1. Effective October 9, 1991.)