Title
Adopt a Resolution declaring the official intent of the County of Monterey to reimburse certain expenditures from proceeds of indebtedness, including expenses relating to the Monterey County Government Center (MCGC) East/West Wing Renovation Project and Schilling Place Tenant Improvement Project.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt a Resolution declaring the official intent of the County of Monterey to reimburse certain expenditures from proceeds of indebtedness, including expenses relating to the Monterey County Government Center (MCGC) East/West Wing Renovation Project and Schilling Place Tenant Improvement Project.
SUMMARY:
Staff recommends that the Board of Supervisors adopt the attached Resolution of Intention for the purpose of complying with Treasury Regulation Section 1.150-2. The purpose of the resolution is to capture costs and expenses relating to the MCGC East/West Wing Renovation Project (E/W Project) and the Schilling Place Tenant Improvement Project (Schilling Project) from the indebtedness that is anticipated to be incurred before the issuance and receipt of Certificates of Participation (COP) Funding.
DISCUSSION:
The E/W Project consists of a complete renovation of the building which includes removal and replacement of all interior partitions, finishes, and building systems. The exterior envelop will receive new windows, doors, and roof. Historic exterior elements will be preserved untouched and historic interior elements will be removed and reused per the State Historic Preservation Guidelines. The surrounding site approach, access, and courtyard will become code compliant. The rehabilitation for the E/W Project is estimated at $36 million.
The Schilling Project consists of upgrading interior finishes such as paint and carpet, installation of demountable storefront partition walls, upgrading the telecommunication systems, reconfiguring existing workstations, and a new roof. Surr...
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