CA SB1335

Authorizes successor agencies to retain property obtained by former redevelopment agencies that are brownfield sites for purposes of remediating or removing releases of hazardous substances, subject to oversight board approval.

Allows successor agencies to use available financing, funds from responsible parties, state or federal grants, and other funds to pay for brownfield remediation without requiring immediate asset disposition.

Requires successor agencies to dispose of remediated brownfield properties pursuant to standard asset disposition provisions once remediation is complete.

Establishes oversight board approval requirements for successor agencies to enter enforceable obligations for brownfield remediation matching funds or remediation costs when other funding sources are insufficient and remediation will maximize property value or address imminent threats to public health, safety, or environment.

Requires oversight boards to approve findings explaining why contamination does not pose an imminent threat if denying a successor agency's request to remediate a brownfield site.