Title
a. Rescind Resolution Number 14-285; and
b. Approve and authorize the Chair to sign a Memorandum of Agreement between the County of Monterey and the National Steinbeck Center. (ADDED VIA ADDENDUM)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Rescind Resolution Number 14-285; and
b. Approve and authorize the Chair to sign a Memorandum of Agreement (MOA) between the County of Monterey and the National Steinbeck Center.
SUMMARY:
The proposed Memorandum of Agreement (MOA) formalizes the previously expressed intention of the County to facilitate the sale of the National Steinbeck Center to California State University, Monterey Bay. The County of Monterey is to receive, and is requested to pay $68,264.00 to the National Steinbeck Center after processing by the Monterey County Auditor/Controller.
DISCUSSION:
The former Salinas Redevelopment Agency ("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 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 Loan Agreement 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 specified, and approved, redevelopment area receive a percentage of the proceeds of sales of assets, in partial recompense for the former redevelopment agency's use of tax increment. The amount identified in the Tax Increment Distribution Report provided by the City of Salinas and approved by the DOF indicates that the County of Monterey is to receive an un-anticipated amount of approximately $68,264 dollars, from the sale of the National Steinbeck Center to California State University, Mo...
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