Title
a. Authorize disbursement of rental income funds to serve as working capital to implement the previously-approved Kents Court Management Agreement between the County of Monterey and the John Stewart Company, in the amount of $280,000 for a three (3) year term; and
b. Authorize disbursement of rental income funds to serve as additional working capital to implement the previously approved Kents Court Management Agreement between the County of Monterey and the John Stewart Company in the amount of $90,000 per year, for up to two (2) renewals of the Agreement of one (1) year each, which would together result in additional expenses of no more than $180,000, for maximum working capital expenditures of $460,000.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Authorize disbursement of rental income funds to serve as working capital to implement the previously-approved Kents Court Management Agreement between the County of Monterey and the John Stewart Company, in the amount of $280,000 for a three (3) year term; and
b. Authorize disbursement of rental income funds to serve as additional working capital to implement the previously approved Kents Court Management Agreement between the County of Monterey and the John Stewart Company in the amount of $90,000 per year, for up to two (2) renewals of the Agreement of one (1) year each, which would together result in additional expenses of no more than $180,000 for maximum working capital expenditures of $460,000.
SUMMARY/DISCUSSION:
Kents Court is a 19-unit affordable housing project in Pajaro that is owned by the County of Monterey. The property is under new management by the John Stewart Company (JSCo). The Management Agreement with JSCo was approved by the Board of Supervisors on August 25, 2015. The Board's August 25, 2015 order approved the contract, vendor, and payment for professional property management services.
The Management Agreement approved by the Board provid...
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