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Economic Development Conveyance Update

Economic Development Conveyance Update. - EDC Legislative History - NDAA FY2010 - Proposed Regulation - Next Steps Rob Hertzfeld, OEA, Western Regional Office

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Economic Development Conveyance Update

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  1. Economic Development Conveyance Update - EDC Legislative History - NDAA FY2010 - Proposed Regulation - Next Steps Rob Hertzfeld, OEA, Western Regional Office (703)604-7628

  2. Changes to EDC Authority • Deleted requirement to ‘seek to obtain’ fair market value. • Consideration can be at or below fair market value, or no consideration. • Can accept a share of revenues from LRA property sales or leases as consideration • Can accept in-kind consideration including goods and services, real property, and improvements. 2

  3. Congressional Intent “The conferees intend for the Department to use the language contained in this conference agreement to conclude negotiations and expedite the transfer of properties in order to allow for affected communities to proceed with economic redevelopment initiatives.” NDAA FY 2010 Conference Report 3

  4. Congressional Intent “The conferees have included a specific authorization to the Secretary to accept consideration in the form of revenues received from third-party buyers, or lessees from sales and long-term leases. This `back end' funding is also intended to speed the process without putting undue burden on local communities to provide large initial contributions, or to burden taxpayers to provide public contributions as a condition of property conveyance.” NDAA FY 2010 Conference Report 4

  5. Congressional Intent “The conference agreement provides broad permissive authorities aimed at balancing the requirements of the Department with the needs of the local communities.” NDAA FY 2010 Conference Report 5

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