Times: Hercules may transfer real estate in-house to pre-empt state redevelopment takeover

— by Jeffrey Wisniewski — 8 March 2011 — Comments Off

Tom Lochner reports… “Hercules is poised to perform an in-house transfer of ownership of four properties that it values at a total of $33.7 million. [...] Hercules’ proposed transfer contains a twist: the transfer would satisfy the bulk of a debt owed by the redevelopment agency to the city in accordance with a January 2009 reimbursement agreement. That debt is $34.9 million, according to a staff report accompanying Tuesday’s agenda item.“