CA AB806

Authorizes cities, counties, or city and counties to acquire, sell, or lease property for economic development purposes with legislative body approval by resolution after a public hearing.

Prohibits selling, leasing, or transferring property acquired through eminent domain at below fair market value for economic development purposes, with limited exceptions for properties governed by long-range management plans or housing assets transferred under specific Health and Safety Code provisions.

Requires written loan agreements for loans to owners or tenants for commercial building rehabilitation to include payment schedules, interest terms, default remedies, and other material terms, with prior findings that assistance is necessary for economic feasibility and unavailable on economically feasible terms in the private market.

Defines "economic opportunity" to include job creation agreements (one permanent job per $35,000 investment), property tax revenue increases (15 percent minimum), affordable housing creation, sustainable community projects, and transit priority projects.

Requires public notice and hearing procedures, with reports containing proposed agreements, cost summaries, property valuations, and explanations of how transactions assist economic opportunity creation.