Does the law require an appraisal of the Rispin Property, and what is a fair value to pay to the City for the Rispin Mansion?

No. California law does not require an appraisal for the City to sell the Rispin property to the RDA. Again reference is made to California Health and Safety Code Section 33220 which states: any public body, upon the terms and with or without consideration as it determines, may: (a) dedicate, sell, convey, or lease any of its property to a redevelopment agency, and section 33392 which states: an agency with the approval of the legislative body of the community may acquire, by negotiation or other means, real property in a project area at any time after formulation of the preliminary plan for the area by the planning commission With regard to a fair value for the property, it is important to note that when the City purchased the Mansion in 1985 it was for a civic purpose, which was to restore a historic treasure for the community.

The City paid $1,350,000 for the Mansion at that time. The suggested price for the property by the community, in round numbers, has ranged from $3,000,000 ( ... more.

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