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SANTA MONICA, CA-One of the most important assets of the approximately 400 RDAs in California that were formally terminated in February was the commercial real estate they owned. Many investors and developers were looking forward to the opportunity to buy and develop this real estate, and in fact, the original AB 26 law that terminated the agencies stated that all real estate was to be sold expeditiously. However, nearly two months ago the law was changed, creating further delays in the sale of successor agencies’ land and properties statewide. The new law, AB 1484, states that each RDA successor is required to prepare a “property-management plan” to be approved by the State Department of Finance, determining what land will be retained by the agencies and what land will be sold.

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