County of Monterey - File #: 19-0536

• File #: 19-0536
• Name: BOS EG Completion Guarantees Acknowledgement
• Type: General Agenda Item
• Status: Passed - RMA Administration
• File created: 7/1/2019
• In control: Board of Supervisors
• On agenda: 7/9/2019
• Final action: 7/9/2019
• Title: a. Acknowledge the Successor Agency to the Redevelopment Agency for the County of Monterey is accepting the Completion Guarantees by Casa Acquisition Corp. for East Garrison Phase 2 and Phase 3 very low and low-income rental affordable housing units, guaranteeing a completion date for Phase 2 and Phase 3 affordable units by no later than March 31, 2025 and providing a surety performance bond in the amount of $17,500,000 for each of the Phase 2 and Phase 3 affordable housing units; and b. Authorize the Chair to execute the County acknowledgement of the Completion Guarantees for Phase 2 and Phase 3.

Date	Action By	Action	Result
7/9/2019	Board of Supervisors	approved - rma administration	Pass

Title
a. Acknowledge the Successor Agency to the Redevelopment Agency for the County of Monterey is accepting the Completion Guarantees by Casa Acquisition Corp. for East Garrison Phase 2 and Phase 3 very low and low-income rental affordable housing units, guaranteeing a completion date for Phase 2 and Phase 3 affordable units by no later than March 31, 2025 and providing a surety performance bond in the amount of $17,500,000 for each of the Phase 2 and Phase 3 affordable housing units; and
b. Authorize the Chair to execute the County acknowledgement of the Completion Guarantees for Phase 2 and Phase 3.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Acknowledge that the Successor Agency to the Redevelopment Agency for the County of Monterey is accepting the Completion Guarantees by Casa Acquisition Corp. for East Garrison Phase 2 and Phase 3 very low and low-income rental affordable housing units, guaranteeing a completion date for Phase 2 and Phase 3 affordable units by no later than March 31, 2025 and providing a surety performance bond in the amount of $17,500,000 for each of the Phase 2 and Phase 3 affordable housing units; and
b. Authorize the Chair to execute the County acknowledgement of the Completion Guarantees for Phase 2 and Phase 3.

SUMMARY/DISCUSSION:
The Disposition and Development Agreement for East Garrison (DDA) includes timing "triggers" or milestones by which the affordable housing apartments must be completed. The DDA is between the Successor Agency to the Redevelopment Agency of the County and Union Community Partners East Garrison, LLC (UCP). The Successor Agency is considering accepting the Completion Guarantees from Casa Acquisition Corporation (a parent company of UCP) to guarantee completion of the very low and low-income affordable housing units for Phases 2 and 3 by no later than March 31, 2025 and provide a surety performance bond in the among of $17,500,000 for each of the Phase 2 and Phase 3 afforda...