Title
Approve the execution of an Agreement for Taxing Entity Compensation with the City of Seaside (Seaside Resort Development), pursuant to Health and Safety code section 34180(f); and authorize the General Manager to execute the Agreement.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Board of Supervisors:
a. Approve an Agreement for Taxing Entity Compensation with the City of Seaside (Seaside Resort Development), pursuant to Health and Safety code section 34180(f); and
b. Authorize the General Manager to execute the Agreement.
SUMMARY/DISCUSSION:
This is a request by the Successor Agency to the Redevelopment Agency of the City of Seaside ("Successor Agency") that the Agency enter into a Taxing Entity Compensation Agreement. The Agreement relates to the Seaside Resort Development, LLC ("Developer"), who entered into a development and disposition agreement (DDA) dated July 7, 2005, with the former Seaside Redevelopment Agency (Former Agency). The DDA relates to an approximately 80-acre site located at the northwest comer of General Jim Moore Boulevard and Coe Avenue in the City of Seaside ("City") that was to be developed as a hotel and residential project (Project).
In brief, the Successor Agency may transfer the Site to the City for future development of the Project. The transfer is subject to the City entering into a compensation agreement with each of the Taxing entities to compensate them for the Site in proportion to each Taxing Entity's share of the base property tax as determined pursuant to Health and Safety Code Section 34188.
Pursuant to Assembly Bill X1 26 (enacted in June 2011), as modified by the California Supreme Court's decision in California Redevelopment Association, et al v. Ana Matosantos, et al., 53 Cal. 4th 231 (2011) (Matosantos). The Former Agency was dissolved as of February 1, 2012, the Successor Agency to the Redevelopment Agency of the City of Seaside ("Successor Agency") was establis...
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