California Public Resources Code 5003.16 – (a) Subject to subdivisions (b) to (f), inclusive, and …
(a) Subject to subdivisions (b) to (f), inclusive, and notwithstanding the provisions of Division 3 (commencing with Section 11000) of Title 2 of the Government Code that relate to the disposition of state-owned real property, with the approval of the Director of General Services, the director may exchange with or sell to the City of Sacramento for fair market value all or part of the following described property located in Old Sacramento State Historic Park that is part of the Old Sacramento Historic District in the City of Sacramento:
(1) PARCEL 1: APN 009-0012-048 (Docks).
Terms Used In California Public Resources Code 5003.16
- department: means the Department of Parks and Recreation and "director" means the Director of Parks and Recreation. See California Public Resources Code 5001.1
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) PARCEL 2: APN 009-0012-058 (Docks).
(3) PARCEL 3: APN 009-0012-059 (Docks).
(4) PARCEL 4: APN 002-0010-023 (Railyards Riverfront).
(b) For the purpose of complying with the fair market value requirement of subdivision (a), the City of Sacramento shall be credited for any financial participation it contributes either toward a purchase by the state of a real property interest that benefits Old Sacramento State Historic Park, or in a development project by the state that benefits Old Sacramento State Historic Park, or both. For the purpose of this subdivision, any purchase by the state shall be made at fair market value, and any development by the state shall be valued at fair market value.
(c) The transfer authorized in subdivision (a) shall require that the fair market value include consideration for any toxic remediation that needs to be performed on the parcels.
(d) Proceeds from the transfer authorized in subdivision (a) shall be used to finance the department‘s costs for negotiating the transfer and transferring the property.
(e) Any net proceeds from the transfer authorized in subdivision (a) shall be deposited into the State Park Contingent Fund to be used for development or construction within Old Sacramento State Historic Park.
(f) Before authorizing an exchange, sale, or transfer, the director shall secure an independent market valuation of the property authorized for transfer.
(Added by Stats. 2008, Ch. 761, Sec. 2. Effective September 30, 2008.)