County of Monterey - File #: 22-089

• File #: 22-089
• Name: Amendment No.1 to the Completion Guaranty for East Garrison Phase Two affordable housing (BOS)
• Type: General Agenda Item
• Status: Passed
• File created: 1/19/2022
• In control: Board of Supervisors
• On agenda: 2/1/2022
• Final action: 2/1/2022
• Title: a. Acknowledge that the Successor Agency to the Redevelopment Agency of the County of Monterey is accepting an Amendment No. 1 to the Completion Guaranty by Casa Acquisition Corp. for East Garrison Phase Two very low and low-income rental affordable housing units, extending the completion date by one year if specific triggering events occur, guaranteeing a new completion date for Phase Two affordable units by no later than March 31, 2026. b. Authorize the Director of the Housing and Community Development Department or his designee to execute the County acknowledgement of Amendment No. 1 Completion Guaranty for Phase Two.

Date	Action By	Action	Result
2/1/2022	Board of Supervisors	approved	Pass

Title
a. Acknowledge that the Successor Agency to the Redevelopment Agency of the County of Monterey is accepting an Amendment No. 1 to the Completion Guaranty by Casa Acquisition Corp. for East Garrison Phase Two very low and low-income rental affordable housing units, extending the completion date by one year if specific triggering events occur, guaranteeing a new completion date for Phase Two affordable units by no later than March 31, 2026.
b. Authorize the Director of the Housing and Community Development Department or his designee to execute the County acknowledgement of Amendment No. 1 Completion Guaranty for Phase Two.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Acknowledge that the Successor Agency to the Redevelopment Agency of the County of Monterey is accepting an Amendment No. 1 to the Completion Guaranty by Casa Acquisition Corp. for East Garrison Phase Two very low and low-income rental affordable housing units, extending the completion date by one year if specific triggering events occur, guaranteeing a new completion date for Phase Two affordable units by no later than March 31, 2026.
b. Authorize the Director of the Housing and Community Development Department or his designee to execute the County acknowledgement of Amendment No. 1 Completion Guaranty for Phase Two.

SUMMARY:
The Disposition and Development Agreement for East Garrison (DDA) includes timing "triggers" or milestones by which the East Garrison Phase Two Affordable Housing Project (Project) must be completed. In 2019, the Master Developer, Union Community Partners East Garrison, LLC (UCP), had hit the milestones for the Project, yet more time was necessary to fund and construct the Project. On July 27, 2019, Casa Acquisition Corp., a Delaware Corporation (Casa), a parent of UCP, and the Successor Agency to the Redevelopment Agency of the County of Monterey (Agency) entered into a Completion Guaranty for Phase Two very low and low-income apartments...