§ 62451.5
299 words·~1 min read·
/ca/government-code/62451-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The governing body of a local government, except the City and County of San Francisco, may establish one downtown revitalization and economic recovery financing district pursuant to this division. Proceedings for the establishment of a district shall be instituted by the adoption of a resolution of intention to establish the proposed district and shall do all of the following:
(a)State that a district is proposed to be established under the terms of this division and describe the boundaries of the proposed district, which may be accomplished by reference to a map on file in the office of the recorder of the county.
(b)State that the district will only finance commercial-to-residential conversion projects that meet all of the following requirements:
(1)At least 75 percent of the perimeter of the site of the development adjoins parcels that are developed with urban uses. For the purposes of this section, parcels that are only separated by a street or highway shall be considered to be adjoined.
(2)Is located within a part of the city or county where the commercial office building vacancy rate is 20 percent or greater.
(3)Is located within a transit priority area.
(c)State the need for the district and the goals the district proposes to achieve.
(d)State that incremental property tax revenue generated by investment in the commercial-to-residential conversion project from the local government will be used to finance these activities.
(e)Fix a time and place for a public hearing by the governing body on the proposed downtown revitalization financing plan. The governing body shall hold the public hearing before the district board’s third public hearing, described in subdivision
(d)of Section 62458. After the governing body’s public hearing, the governing body may approve or reject the proposed downtown revitalization financing plan.