The oversight board of the Hercules Redevelopment Successor Agency will discuss the transfer of a portfolio of development properties Monday.

The properties, known as Sycamore Crossing, Parcel C and Victoria Crescent, were ceded by the now-defunct Hercules Redevelopment Agency to the city in March 2011 to satisfy a pre-existing debt.

But earlier this month, state Controller John Chiang deemed the transfers "unallowable" and ordered the properties transferred to the Redevelopment Agency's successor agency. The city itself is the successor agency; the properties, which are under negotiation with developers, would be put in a separate portfolio.

The board is expected to decide whether to put onto the Recognized Payment Obligation Schedule the price paid by the city in March 2011 as consideration for forgiveness of the debt, which was more than $30 million.

The board also is expected to decide whether to accept assignment of contracts involving the three properties that have been signed by the city or are under negotiation.

The oversight board is also expected to vote on a resolution to approve a Nov. 13 vote by the Hercules City Council approving an agreement to sell Victoria Crescent to developer City Ventures LLC.

The meeting will be at 6:30 p.m. in the Hercules City Council chamber, 111 Civic Drive.


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Contact Tom Lochner at 510-262-2760. Follow him at twitter.com/tomlochner