Title
a. Hold a public hearing regarding the consideration of bonds being issued by the Fort Ord Reuse Authority for use in removing blighted buildings on the former Fort Ord; and
b. Adopt a resolution making findings of significant public benefit by the Fort Ord Reuse Authority to finance projects within the boundaries of the County.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Hold a public hearing regarding the consideration of bonds being issued by the Fort Order Reuse Authority for use in removing blighted buildings on the former Fort Ord; and
b. Adopt a resolution making findings of significant public benefit by the Fort Ord Reuse Authority to finance projects within the boundaries of the County.
SUMMARY/DISCUSSION:
The Fort Ord Reuse Authority (FORA) sent a letter requesting that Monterey County hold a public hearing relative to their consideration to issue bonds for building removal projects in the former Fort Ord area (Exhibit A to Attachment A). The FORA Act incorporates bond issuance provisions of the Marks-Roos Local Bonding Pooling Act of 1985, and FORA has determined that a precondition to the issuance of bonds by FORA is that a local agency within whose jurisdiction the building removal projects will be carried out hold a noticed public hearing and adopt public benefit findings. FORA has requested the Board of Supervisors hold a public hearing to find that the use of bond funds on and within the Project Area of the former Fort Ord is of public benefit to the region.
The recommended action to conduct the noticed public hearing and adopt a resolution making findings of significant public benefit will allow FORA to continue to perform preparatory work to issue bonds, however, it is not yet decided if FORA will pursue bonding.
A draft resolution is provided as Attachment A for your consideration.
OTHER AGENCY INVOLVEMENT:
On August 9, 2019 the FORA Board authorized all necessary preparatory work to issue bon...
Click here for full text