Title
Recommend that the Monterey County Water Resources Agency Board of Supervisors:
a. Approve the transfer of three parcels located at 183 Soledad Street, Soledad California (APNs 022-026-001 and 022-026-002) between the City of Soledad, the Successor Agency to the Soledad Redevelopment Agency, and Soledad Unified School District;
b. Accept the Monterey County Water Resources Agency’s shares of the net unrestricted proceeds from the sale of property; and
c. Authorize the General Manager to execute all necessary documents to effectuate the transfer of proceeds. (Staff: Nan Kyung Kim)
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Directors recommend the Monterey County Water Resources Agency Board of Supervisors:
a. Approve the transfer of three parcels located at 183 Soledad Street, Soledad California (APNs 022-026-001 and 022-026-002) between the City of Soledad, the Successor Agency to the Soledad Redevelopment Agency, and Soledad Unified School District;
b. Accept the Monterey County Water Resources Agency’s shares of the net unrestricted proceeds from the sale of property; and
c. Authorize the General Manager to execute all necessary documents to effectuate the transfer of proceeds.
SUMMARY/DISCUSSION:
Pursuant to a 2016 “Compensation Agreement for Taxing Entity Compensations entered into between the City of Soledad (“City”), the County of Monterey and other local taxing entities, the City is obligated to remit the “Net Unrestricted Proceeds” from the sale of property owned by the Successor Agency to the Soledad Redevelopment Agency (“Successor Agency”) to the Monterey County Auditor-Controller’s Office for distribution to local taxing entities, which includes the Monterey County Water Resources Agency (“Agency”), the Monterey County Water Resources Agency Zone 2 (“Zone 2”), the Monterey County Water Resources Agency Zone 2A (“Zone 2A”) and the Monterey County Water Resources Agency Zone 8 (“Zone 8”). Under the Compensation Agreement, percent shares of the Net Unrestricted Proceeds entitled to the Agency, Zone 2, Zone 2A and Zone 8 are 0.0936%, 0.3739%, 0.1364% and 0.2216% respectively.
The City and the Successor Agency have entered into a Purchase and Sale Agreement with the Soledad Unified School District (“District”) for the purchase and sales of three parcels, one parcel owned by the City (APN 022-026-017) and two parcels owned by the Successor Agency (APNs 022-026-001 and 022-026-002). The City discovered that the Compensation Agreement did not contemplate the disposition of the two parcels owned the Successor Agency (APNs 022-026-001 and 022-026-002) and intends to remit the Net Unrestricted Proceeds from the sale of the two parcels to the local taxing entities, including the Agency, Zone 2/2A and Zone 8. As the Net Unrestricted Proceeds from the sale of the two parcels amounts to $225,675, shares entitled to the Agency, Zone 2, Zone 2A and Zone 8 is $211.23, $843.80, $307.82 and $500.10 respectively.
Because these two parcels are outside the Compensation Agreement, the City and the District require the Agency’s approval of the sales of the properties and agreement to accept the shares of the Net Unrestricted Proceeds.
OTHER AGENCY INVOLVEMENT:
The City of Soledad and the County of Monterey.
FINANCING:
The City reports that the Net Unrestricted Proceeds from the sale of the two parcels amounts to $225,675 and shares entitled to the Agency, Zone 2, Zone 2A and Zone 8 is $211.23, $843.80, $307.82 and $500.10 respectively, totaling $1,862.95
Prepared by: Nan Kyung Kim, Finance Manager (831) 755-4860
Approved by: Ara Azhderian, General Manager, (831) 755-4860
Attachments:
• WRA share of Net Unrestricted Proceeds of 183 Soledad St
• Zone 2 share of Net Unrestricted Proceeds of 183 Soledad St
• Zone 2A share of Net Unrestricted Proceeds of 183 Soledad St
• Zone 8 share of Net Unrestricted Proceeds of 183 Soledad St
• Board Order