Land use: economic development: surplus land.

Senator Cabaldon's land use legislation expands local governments' authority to transfer property for economic development while establishing new oversight requirements. The bill modifies how cities and counties can dispose of surplus property, adding transfer options beyond traditional sales and leases.

Under the amended provisions, local agencies must submit detailed reports to the State Controller within 90 days of approving property transactions. These reports must include the property's planned future use, development plans, and complete financial information - from acquisition and improvement costs to fair market valuations. The bill explicitly prohibits using eminent domain for economic development purposes and requires properties acquired through eminent domain to be sold at fair market value, with limited exceptions for certain housing assets and long-term management plans.

The legislation creates an alternative framework for property transactions while preserving existing authorities. Local agencies retain discretion over land use and zoning decisions but must conduct public hearings before approving transactions. The bill exempts properties transferred under these new provisions from standard surplus land disposal requirements, though agencies must still document how transactions will create economic opportunities through supporting facts and materials.