CA AB151

Director of General Services must conduct a study by April 1, 2011 to determine whether to sell or lease approximately 449,138 square feet of state-owned office property in Sacramento (bounded by N Street, 5th Street, O Street, and 4th Street) currently housing State Board of Equalization offices.

Director may sell, exchange, lease, or combine these actions on all or part of the Sacramento Property, with revenues used to pay off the total outstanding loan and associated obligations on the property.

Proceeds from any sale of the Sacramento Property that exceed the outstanding loan amount are designated as "proceeds from the sale" under the California Constitution for deposit into the Special Fund for Economic Uncertainties after bond obligations are satisfied.

State Board of Equalization is authorized to hire or lease property for its operations if the Department of Finance determines the transactions are cost beneficial to the General Fund, and may acquire new facilities through lease in its own name.

Board of Equalization must first consider existing state-owned or state-leased facilities before leasing additional facilities, and cannot procure new facilities absent legislative approval in the Budget Act.