(a)Notwithstanding Section 11011.1, the Director of General Services may sell, at fair market value, upon those terms and conditions the director determines are in the best interests of the state, all or any part of the following real property by January 1, 2030:
Approximately 59,200 square feet of property, located at 5401 Crenshaw Boulevard, Los Angeles, 90043-2407, in the County of Los Angeles.
(b)Any sale of the property pursuant to this section shall be for the purposes of redeveloping the property as an affordable housing or a mixed-use housing project.
(c)
(1)In a solicitation for the sale of the property
pursuant to this section, the director shall solicit proposals from community land trusts.
(2)A solicitation issued by the director pursuant to this section may prescribe
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(a)
Notwithstanding Section 11011.1, the Director of General Services may sell, at fair market value, upon those terms and conditions the director determines are in the best interests of the state, all or any part of the following real property by January 1, 2030:
Approximately 59,200 square feet of property, located at 5401 Crenshaw Boulevard, Los Angeles, 90043-2407, in the County of Los Angeles.
(b)
Any sale of the property pursuant to this section shall be for the purposes of redeveloping the property as an affordable housing or a mixed-use housing project.
(c)
(1)
In a solicitation for the sale of the property
pursuant to this section, the director shall solicit proposals from community land trusts.
(2)
A solicitation issued by the director pursuant to this section may prescribe or otherwise limit the types of entities permitted to respond to the solicitation in order to further specific redevelopment scenarios.
(d)
(1)
Except as provided in paragraph (2), the director shall sell the property pursuant to this section to a community land trust that responded to the solicitation.
(2)
Notwithstanding paragraph (1), if the director determines that redevelopment of that property by any community land trust that responded to the solicitation is financially infeasible or would otherwise result in a failure to successfully redevelop the property in accordance with required performance standards, the director
may sell that property to other entities.
(e)
In evaluating proposals, the director shall consider the findings and recommendations made by the Los Angeles Black Workers Center arising from the work performed under Item 2240-108-0001 of Section 2.00 of the Budget Act of 2024.
(f)
To the extent bonds issued by the State Public Works Board involve the property to be sold pursuant to this section, all issuer- and trustee-related costs associated with the review of any proposed sale or lease, together with the costs related to the defeasance or retirement of any bonds, which may include the cost of nationally recognized bond counsel, shall be paid from the proceeds of any sale or lease authorized by this section.
(g)
In setting the purchase price for the property to be sold pursuant to this section, the director may
permit a sales price at less than fair market value if the director determines that the discount will enable the provision of an affordable housing or a mixed-use housing project.
(h)
Thirty days prior to executing a transaction for a sale of the surplus state real property for less than fair market value for affordable housing or a mixed-use housing project, the director shall report to the chairpersons of the fiscal committees of the Legislature, in compliance with Section 9795, all of the following:
(1)
The financial terms of the transaction.
(2)
A comparison of fair market value for the surplus state real property and the terms listed in paragraph (1).
(3)
The basis for agreeing to terms and conditions other than fair market value.
(i)
Net proceeds of the sale shall be deposited pursuant to subdivision (g) of Section 11011.
(j)
A sale of the property pursuant to this section is exempt from Division 13 (commencing with Section 21000) of the Public Resources Code.
(k)
If the property has not been sold pursuant to this section by January 1, 2030, the director may pursue the disposition of the property pursuant to Section 11011.1.
(l)
For the purposes of this section, fair market value is established by an appraisal or economic evaluation conducted by the Department of General Services and approved by the department.
(m)
For the purposes of this section, the following terms apply:
(1)
“Affordable housing” means a residential dwelling unit that is restricted by deed or other recorded document as affordable housing for persons and families of low or moderate income, as that term is defined in Section 50093 of the Health and Safety Code.
(2)
“Community land trust” has the same meaning as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.
(3)
“Market-rate housing” means a residential dwelling unit that is not affordable housing.
(4)
“Mixed-use housing project” means a project consisting of a mix of residential and nonresidential uses with at least two-thirds of the square footage of the development designated for residential uses, including, but not limited to,
mixed-income housing.
(5)
“Mixed-income housing” means a residential project that includes both affordable housing and market-rate housing units.