Title
Consider adopting a resolution approving and authorizing forgiveness of the loan of $950,000 issued to Monterey County Water Resources Agency, financed by Monterey County's General Fund Cannabis Tax Assignment (BSA 001-3132) for the Pajaro River Flood Risk Management Project Design Phase.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors of the County of Monterey:
Adopt a resolution approving and authorizing forgiveness of the loan of $950,000 issued to Monterey County Water Resources Agency, financed by Monterey County's General Fund Cannabis Tax Assignment (BSA 001-3132) for the Pajaro River Flood Risk Management Project Design Phase.
SUMMARY/DISCUSSION:
The Pajaro River Federal Flood Control Project was built in 1949 by the United States Army Corps of Engineers ("USACE") and is maintained jointly by the Santa Cruz County Flood Control and Water Conservation District - Zone 7 ("Zone 7") and the Monterey County Water Resources Agency ("MCWRA").
The Pajaro Regional Flood Management Agency ("PRFMA") was formed under the Joint Exercise of Powers Act, Government Code section 6500 et seq., pursuant to a Joint Exercise of Powers Agreement ("JPA Agreement") dated July 21, 2021, in order to coordinate, finance, acquire, construct, improve, operate or maintain flood management infrastructure on the Pajaro River in Santa Cruz and Monterey Counties. Its Member Agencies are County of Santa Cruz, Zone 7, County of Monterey, City of Watsonville and MCWRA. The PRFMA is the lead local agency to work with USACE in continuing the Pajaro River Federal Flood Control Project ("Project"), which is currently maintained jointly by Zone 7 and MCWRA.
USACE and the non-federal sponsors (Zone 7 and MCWRA) entered into a Design Agreement ("DA") in May 2021 for the new Pajaro River Federal Flood Control Project ("Project"). The DA estimates a total Project cost of $7,100,000, cost shares are projected to be $4,615,000 for the federal government, $1,342,50...
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