The Department shall, subject to the provisions of this Chapter, as well as applicable Federal, State and local laws, have the powers provided in this Section for the acquisition, development and disposition of real property for economic development purposes, projects and activities.
(a) Acquisition of Real Property. The Department, subject to Council authorization, shall have the power and is authorized to acquire any real property by purchase, lease, gift, devise or any other means authorized by law that may be necessary or convenient to carry out its economic development functions under this Chapter.
(b) Demolition and Clearance of Real Property. Except as otherwise provided in the Charter, the Department is authorized to perform the following powers on City-owned real property:
(1) Demolish and clear buildings, structures and other improvements as necessary to carry out the purposes and objectives of this Chapter;
(2) Take such actions as it deems reasonably necessary to prepare real property for development; and
(3) Take such actions as it deems reasonably necessary to remedy any hazardous material or condition.
(c) Conveyance of City Interests in Real Property. The Department is authorized to convey any interest owned or controlled by the City in real property at its fair reuse value to carry out the pubic purposes and objectives of this Chapter in accordance with the procedures set forth in Section 7.27.2 of this Code. Any such conveyance shall be made pursuant to one or more agreements requiring the development, use and maintenance of such real property for economic development, and such agreement(s) shall additionally require as a condition precedent to the conveyance that one or more deed restrictions be recorded against the conveyed interest restricting the development and use and requiring the maintenance of such real property so as to insure that the economic development purpose for which the conveyance was made is fulfilled for such period of time as is determined to be appropriate. The conveyance of any such interest under the terms and conditions stated herein shall not render the real property as "surplus property" within the meaning of Chapter 1, of Article 4 of the Los Angeles Administrative Code (commencing with Section 7.21), nor shall it render the real property as "surplus land" within the meaning of Section 54221 of the California Government Code.
SECTION HISTORY
Added by Ord. No. 182,500, Eff. 5-22-13.