Del Mar Race Track and Fairgrounds: sale of state property.

Existing law provides that the state is divided into agricultural districts in which 50 or more persons, who are residents of a district, may form a district agricultural association for specified purposes, including holding fairs and constructing, maintaining, and operating recreational facilities. Existing law provides that District 22 is the County of San Diego. Existing saw authorizes the Director of General Services to dispose of surplus state property, subject to specified conditions, including that the net proceeds of the sale be paid into the Deficit Recovery Bond Retirement Sinking Fund Subaccount, which is a continuously appropriated fund. This bill would create District 22a, which would consist of all of that real property that is a portion of District 22 that is owned by the 22nd District Agricultural Association, which includes that real property commonly known as the Del Mar Race Track and Fairgrounds located in the City of Del Mar and certain other property in the City of San Diego, and would prescribe certain matters applicable to officers of the 22nd District Agricultural Association and the District 22a Agricultural Association. The bill would, among other things, authorize the Department of General Services to sell all of the real property that comprises District 22a and related personal property to the City of Del Mar; require the net sale proceeds to be deposited into the District 22a Disposition Fund, which the bill would create in the State Treasury; and require the department to report annually to the Legislature on the status of the purchase price balance. This bill would require District 22a to be abolished and all funds in the District 22a Disposition Fund to be transferred to the General Fund, upon sale of all property that comprises District 22a, and ultimately be deposited into the Deficit Recovery Bond Retirement Sinking Fund Subaccount, a continuously appropriated fund thereby resulting in an appropriation. This bill would also authorize the City of Del Mar to enter into an agreement with the Department of General Services to purchase all of the real property that comprises District 22a and any related personal property, for $120,000,000, as prescribed. The bill would authorize the city to issue revenue bonds, as specified, to finance a portion of the property purchase. The bill would require the city, if it exercises its authority to purchase the property, to establish a nonprofit corporation to manage the operation and maintenance of the property, as specified. This bill would declare that it is to take effect immediately as an urgency statute.