The City of Cerritos must return over $170 million in property and assets to its Successor Agency, according to a new unreleased report issued by the California State Controller’s Office (SCO).

On Tuesday, the Hews Media Group obtained a copy of the review compiled by California’s leading investigative authority of the Cerritos Redevelopment Agency. After reviewing its content, Los Cerritos News reports that the city committed a violation of ABX1 26 by illegally transferring assets from its Redevelopment Agency (RDA) to city coffers after the January 1, 2011 cutoff date.

ABX1 26 provided for the dissolution of redevelopment agencies. It went into effect October 1, 2011 and required municipalities with RDAs to surrender remaining assets to the respective Successor Agency.

Some of the property that will be affected by the ruling includes the the Los Cerritos Center, the Cerritos Auto Mall, the Cerritos Towne Center, Sheraton Hotel, B & B Stables, and Liberty Park in addition to a number of other parcels.

After selling the aforementioned properties, the city will then be required to forfeit all revenue from the sales to the State.

Check out the State Controller’s report—obtained exclusively by the Hews Media Group—here.

Read the full article at the Los Cerritos News.