CA SB466

Authorizes the City of Santa Clara to sell or lease property at 500 Benton Street to create economic opportunity with approval by legislative body resolution after public hearing.

Requires notice of hearing published in local newspaper at least weekly for two successive weeks and mandates a public report including the proposed sale/lease and summary of costs, estimated values, and explanation of economic opportunity benefits.

Requires legislative body to adopt resolution by majority vote (or two-thirds if ordinance provides) containing findings that the sale or lease creates economic opportunity and meets fair market value or fair reuse value standards.

Allows the City of Santa Clara to use these procedures in lieu of other property disposition requirements under law, but requires compliance with environmental quality provisions under Public Resources Code Chapter 3 prior to selling or leasing the property.

Declares that a special statute is necessary for the 500 Benton Street site due to its unique nature and ongoing public use within the City of Santa Clara.