Title
a. Consider approving a resolution to support establishing a California State University of Monterey Bay campus in downtown Salinas and forego the receipt of un-anticipated tax revenue of approximately $68,264.00 from the sale of the Steinbeck Center to California State University Monterey Bay; and
b. Authorize the County Administrative Officer, or his designee, to sign and approve all related documents allowing this sale.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve a resolution to forego the receipt of un-anticipated tax revenue of approximately $68,264.00 from the sale of the Steinbeck Center to California State University Monterey Bay from the City of Salinas; and
b. Authorize the County Administrative Officer, or his designee, to sign and approve all related documents allowing this sale.
SUMMARY:
The County of Monterey has been requested by the City of Salinas Successor Agency to forgive approximately $68,264 of unanticipated tax revenue in order to facilitate the sale of the Steinbeck Center; a property located within the former Salinas Central City Redevelopment Project Area, to California State, University Monterey Bay (CSUMB). If acquired, CSU Monterey Bay anticipates using a portion of the Steinbeck Center as a campus location in downtown Salinas.
DISCUSSION:
The former Salinas RDA and the National Steinbeck Center, a California non-profit public benefit corporation ("NSC"), entered into a Loan Agreement, dated as of June 15, 2010 ("Loan Agreement"), regarding a $484,715.65 loan to NSC ("Loan") to fund debt service payments on the bonds sold for the construction of the National Steinbeck Center building at One Main Street in Salinas. This amount is considered an asset of the former RDA and must be liquidated, consistent with the terms of the Dissolution Act. The California Department of Finance (DOF), requires that all affected taxing agencies within a Redevelopment Area are to receive ...
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