Title
a. Accept as complete improvements specified in the Certificate of Occupancy for the East Garrison Phase Two Rental Affordable Housing Project. Improvements, consisting of 65 very-low and low-income affordable housing units, were constructed by the Community Housing Improvement Systems and Planning Associates (CHISPA) at 21131 Ord Avenue East Garrison;
b. Acknowledge that the Successor Agency to the Redevelopment Agency for the County of Monterey accepts that the obligations of the Completion Guarantee by Casa Acquisition Corp. for East Garrison Phase 2 have been met and approves the release of the associated bond (Bond No. 2282539) to Casa Acquisition Corp.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Accept as complete improvements specified in the Certificate of Occupancy for the East Garrison Phase Two Rental Affordable Housing Project. Improvements, consisting of 65 very-low and low-income affordable housing units, were constructed by the Community Housing Improvement Systems and Planning Associates (CHISPA) at 21131 Ord Avenue East Garrison;
b. Acknowledge that the Successor Agency to the Redevelopment Agency for the County of Monterey accepts that the obligations of the Completion Guarantee by Casa Acquisition Corp. for East Garrison Phase 2 have been met and approves the release of the associated bond (Bond No. 2282539) to Casa Acquisition Corp.
SUMMARY:
In consideration of the East Garrison project, the County and the developer entered into a Disposition and Development Agreement (DDA). The DDA, among other things, requires that the developer construct 196 residential units that would be available for rent to people or families of "very low income" and/or "low income". Affordable rental housing units are to be built in each of the three phases of residential construction. The Phase One Affordable Housing Project was completed July 2013 and included construction of 66 units. The Phase Two Affordable Housing Project...
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