Title
Adopt a Resolution Authorizing the Execution and Delivery by the County of an Amended and Restated Joint Exercise of Powers Agreement and Authorizing Related Actions for the East Garrison Public Financing Authority.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors of the County of Monterey adopt a Resolution Authorizing the Execution and Delivery by the County of an Amended and Restated Joint Exercise of Powers Agreement and Authorizing Related Actions.
SUMMARY:
The East Garrison Public Financing Authority (EGPFA) was created by a joint powers agreement between the County of Monterey and the East Garrison Community Services District (EGCSD) in 2006, with the Board of Supervisors also serving as the Board of Directors of the EGCSD. The Board of the EGCSD was designated as the Governing Board of the EGPFA. The Great Recession caused the East Garrison Project to go dormant for several years until 2011, when a new developer, UCP East Garrison, LLC (UCP) restarted the project.
The primary purpose of the EGPFA is to serve as the vehicle for the creation of the East Garrison Community Facilities District (EGCFD) and issuance of EGCFD bonds. Pursuant the Disposition and Development Agreement (DDA) between the (now) Successor Agency to the Redevelopment Agency of the County of Monterey and UCP, UCP has requested that the EGCFD finance the purchase from UCP of certain public infrastructure improvements through the issuance of bonds in a yet undetermined amount. Staff is evaluating the request, for a possible bond sale later this year. Subsequent series of bonds are also contemplated in the DDA.
Staff is recommending that the governance structure of the EGPFA be changed to designate the Board of Supervisors, and not the Board of Directors of the EGCSD, as the Governing Board of the EGPFA. This change would have the effect of assuring that each series of bonds contemplated under the DDA are issued under the umbrella and established pr...
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