Title
a. Accept as complete improvements specified in the Certificate of Occupancy for the East Garrison Phase Two Rental Affordable Housing Project in satisfaction of the Completion Guarantee for the East Garrison Phase Two Rental Affordable Housing Project. Improvements, consisting of 65 very-low and low-income affordable housing units were constructed by the Community Housing Improvement Systems and Planning Associates (CHISPA) at 21131 Ord Avenue East Garrison;
b. Approve the release of a bond (Bond No. 2282539) to Casa Acquisition Corp. in the total amount of $17,500,000 for the performance of improvements relating to the Completion Guarantee for the East Garrison Phase Two Rental Affordable Housing Project prior to the completion date of March 31, 2025
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors, acting as the Board of Directors to the Successor Agency to the Redevelopment Agency of Monterey County (Agency):
a. Accept as complete improvements specified in the Certificate of Occupancy for the East Garrison Phase Two Rental Affordable Housing Project in satisfaction of the Completion Guarantee for the East Garrison Phase Two Rental Affordable Housing Project. Improvements, consisting of 65 very-low and low-income affordable housing units were constructed by Community Housing Improvement and Planning Associates (CHISPA) at 21131 Ord Avenue East Garrison;
b. Approve the release of a bond (Bond No. 2282539) to Casa Acquisition Corp. in the total amount of $17,500,000 for the performance of improvements relating to the Completion Guarantee of the East Garrison Phase Two Rental Affordable Housing Project prior to the completion date of March 31, 2025.
SUMMARY:
In consideration of the East Garrison project, the County and the developer entered into a Disposition and Development Agreement (DDA). The DDA, among other things, requires that the developer construct 196 residential units that would be available for rent to people or famili...
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