The Gateway Project Site Map Redevelopment Agencies were

The Gateway Project

Site Map

• Redevelopment Agencies were dissolved on February 1, 2012 • Oroville RDA assets were transferred to the Successor Agency (SA) and then to the City of Oroville • The State Department of Finance (DOF) oversees the dissolution and asset liquidation process • DOF required the SA to develop a Long Range Property Management Plan (LRPMP) and have it approved by the Oversight Board (OB) and DOF • The Oroville SA approved LRPMP requires that the two Gateway properties be developed by transfer to a private developer for $1. 00 • Revitalization of the Gateway to downtown Oroville remains a high priority to the City and its development benefits all of the taxing entities

The Gateway Project • Located at the corner of Montgomery Street and Feather River Blvd. • 12. 87 acres total, 12. 24 former Oroville RDA and 0. 63 City of Oroville • Proposed to be sold to Snyder Commercial Real Estate, LLC for $1. 00 and the developer will inject approximately $35 million into the project over five years • The County of Butte would then determine the assessed value and the property tax roles would reflect the fair market value • Snyder Commercial Real Estate, LLC will be the developer • Developer to post a $100, 000 letter of credit to insure that the milestones are met • The $100, 000 would be turned over to the Butte County Auditor-Controller’s office for distribution to the taxing entities once received

Summary • The sale for $1. 00 insures that the developer develops the property in a timely manner, five years or less • The $100, 000 letter of credit provides for compensation if there is a lack of performance • The property goes on the property tax rolls as soon as the escrow closes at a value determined by the Butte County Assessor’s Office (fair market value) • Selling the property for $1. 00 and getting it developed in five years generates $968, 807 more revenue to the County versus selling the property for $1. 1 million and it is not developed • The total benefit to all the taxing entities is $5, 672, 053 vs $1, 356, 264 if sold but not developed