File #: RES 13-045    Name: Leased Property Substitution Project
Type: BoS Resolution Status: Passed
File created: 5/28/2013 In control: Board of Supervisors
On agenda: 6/11/2013 Final action: 6/11/2013
Title: Adopt Resolution to: Authorize the execution and delivery by the County of amendments to a ground lease and a lease agreement in connection with the lease substitution and release of property previously leased with respect to the County of Monterey Certificates of Participation (2007 Refunding and Public Facilities Financing) and authorizing execution by the County Debt Manager of necessary documents and certificates and related actions. (REVISED ATTACHEMENT SUBMITTED - BOARD REPORT DISCUSSION - VIA SUPPLEMENTAL)
Attachments: 1. Board Report Discussion, 2. Revised Board Report Discussion, 3. Resolution 13-045, 4. Amended and Restated Lease Agreement, 5. Amended and Restated Ground Lease, 6. Amended and Restated Assignment Agreement - Monterey County 2007 Certificates of Participation, 2013 Amendments, 7. Termination Agreement and Quitclaim Deed- Monterey County 2007 Certificates of Participation, 2013 Amendments, 8. MONTEREY COUNTY RMA Budget Sheet, 9. Proposed Lease Properties Legal Descriptions and plot maps, 10. Fair Market Rental Analysis by Dore Group, 11. Completed Board Order and Resolution
Title
Adopt Resolution to:
Authorize the execution and delivery by the County of amendments to a ground lease and a lease agreement in connection with the lease substitution and release of property previously leased with respect to the County of Monterey Certificates of Participation (2007 Refunding and Public Facilities Financing) and authorizing execution by the County Debt Manager of necessary documents and certificates and related actions. (REVISED ATTACHEMENT SUBMITTED - BOARD REPORT DISCUSSION - VIA SUPPLEMENTAL)

StaffReport
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Authorize the execution and delivery by the County of amendments to a ground lease and a lease agreement in connection with the lease substitution and release of property previously leased with respect to the County of Monterey Certificates of Participation (2007 Refunding and Public Facilities Financing) and authorizing execution by the County Debt Manager of necessary documents and certificates and related actions.


SUMMARY:

Approval of the recommended actions will provide transparency and specificity to encumbered county assets, facilitate transfer of unencumbered land to the State Public Works Board required to generate grant funds pertaining to the Jail Housing Addition, and further enable the County to finance future Capital Improvement Projects.

DISCUSSION:
Please see the attached discussion for full details about the proposed action.

OTHER AGENCY INVOLVEMENT:
The Auditor-Controller, RMA-Public Works, and the Sheriff Department are working jointly with the Board of State and Community Corrections (BSCC) to meet all State-mandated milestones to maintain the conditional award by achieving Project Establishment and moving forward to the Project Design phase. The Auditor-Controller's office has overseen the encumbrance substitution process.

FINANCING:
The Leased Property Substitution Project to date has been funded from Fund 404 Laurel/Nati...

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