To help facilitate the winding down process of local redevelopment agencies, successor agencies were created to manage redevelopment projects currently underway, make payments on enforceable obligations and dispose of redevelopment assets and properties. According to California law, successor agencies must come up with long-range property management plans (“LRPMP”) and submit them to the state.
The LRPMP must contain a detailed inventory of all real property assets and a set of recommendations regarding how and to whom the assets should be disposed or distributed. This transparent process can be a boon to real estate developers.
Much of the real estate community is not aware of the good opportunity the LRPMP process offers. By looking at the LRPMPs, which are public documents, one can see what is potentially available for sale. RSG is currently working for successor agency clients to help them to sell their properties, as well as for developers/investors who are looking to buy these properties. The New Year is a great time to take advantage of a way to find some great property.
For more information, see the following links: http://www.dof.ca.gov/redevelopment/long_range_property_management/view.php