Title
Acting as the Board of Directors of the Successor Agency to the Redevelopment Agency of the County of Monterey:
a. Approve an Amended and Restated First Implementation Agreement with UCP East Garrison, LLC;
b. Direct staff to submit the agreement to the Monterey County Oversight Board and the State Department of Finance and take such other action as necessary.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors, acting as the Board of Directors of the Successor Agency to the Redevelopment Agency of the County of Monterey:
a. Approve an Amended and Restated First Implementation Agreement with UCP East Garrison, LLC;
b. Direct staff to submit the agreement to the Monterey County Oversight Board and the State Department of Finance and take such further action as necessary.
DISCUSSION:
The East Garrison Project is a mixed use residential development project that is the subject of a Disposition and Development Agreement (DDA) approved by the former Redevelopment Agency in 2005. The Project consists of a mixed use development of up to 1,470 dwelling units (including low- and moderate-income housing); approximately 34,000 square feet of commercial, retail and community uses; the rehabilitation of historic structures; and the development of certain public facilities, including a fire station, library and Sheriff sub-station, and requires Agency financial assistance to pay for a portion of certain aspects of the Project, including public facilities, affordable housing and historic preservation and renovation. The Project also contemplates that the Agency shares in any profits achieved by the developer above Project Costs.
On June 28, 2011, as part of the budget process and without any substantive hearings, the State Legislature adopted the Dissolution Act, which restricted the powers of, and eventually dissolved, redevelopment agencies. Successor agencies were created as part of the Dissolution Act, and tasked with completing and winding...
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