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Atascadero approves $150,000 sale and $200,000 subsidy for Centennial Plaza mixed-use project
Summary
The City Council approved a reduced-price sale of several lots at Centennial Plaza to a private developer and a required public hearing disclosure showing the subsidy (difference between appraised value and sale price). The developer agreed to timelines and performance standards tied to the sale.
The Atascadero City Council unanimously approved the sale of several privately developable lots surrounding Centennial Plaza for $150,000 and accepted the required public disclosure of an economic-development subsidy of about $200,000.
Lorelei Capel, from the city’s economic development staff, explained the disclosure requirement under state law and summarized the subsidy: the city’s appraised value for the land is $350,000 and the sale price proposed is $150,000, yielding a reduction of roughly $200,000 that qualifies as a development subsidy under Government Code section 53083. Capel said the subsidy is intended to help catalyze a private, mixed-use project that would be difficult to build without an incentive.
Nut graf: Council and staff said the measure is meant to spur development around…
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