Surplus state property: Compton Armory.

Existing law authorizes the Director of General Services to dispose of surplus state property, subject to specified conditions, including authorization by the Legislature. This bill would, until January 1, 2012, authorize the director, with the approval of the Adjutant General, to complete a lease to the City of Compton at fair market value, of specified state-owned property known as the Compton Armory. The bill would specify a 5-year term for the lease and would authorize renewal of the lease or other lease agreements of the Compton Armory for a total term not to exceed 25 additional years. The bill would, notwithstanding the requirement for payment of lease proceeds into the Deficit Recovery Bond Retirement Sinking Fund Subaccount, require the proceeds of the lease to be deposited into the Armory Fund pursuant to a specified provision of law. This bill would declare that it is to take effect immediately as an urgency statute.