Title
a. Approve a Compensation Agreement regarding the proposed transfer of property at 300 Pacific Street, Monterey, CA from the City of Monterey Successor Agency to the City of Monterey; and
b. Authorize the County Administrative Officer to sign the Compensation Agreement on behalf of the Monterey County Water Resources Agency.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Supervisors:
a. Approve a Compensation Agreement regarding the proposed transfer of property at 300 Pacific Street, Monterey, CA from the Successor Agency of the City of Monterey Redevelopment Agency to the City of Monterey; and
b. Authorize the County Administrative Officer to sign the Compensation Agreement on behalf of the Monterey County Water Resources Agency.
SUMMARY/DISCUSSION:
This agreement is submitted to the Monterey County Water Resources Agency Board of Supervisors pursuant to a request by the City of Monterey as their approval process. The City of Monterey is requesting that all affected taxing entities approve the agreement to fulfill State requirements for the transfer.
The Compensation Agreement (Agreement) will facilitate the transfer of the Hotel Pacific property at 300 Pacific Street, Monterey, from the Successor Agency to the City of Monterey. The Agreement acknowledges that the property will be transferred with no requirement for the distribution of funds by the City. The transfer is consistent with the Successor Agency's Long Range Property Management Plan and will generate no proceeds.
As a result of the federal funding tha tfacilitated acquisition and development of this property, the property (or proceeds from its disposition) must be devoted to urban renewal purposes within the City of Monterey. Therefore, there will be no distribution as property tax to local taxing entities.
Background:
The Redevelopment Dissolution Act (AB1x 26 and AB 1484) and ensuing court actions, eliminated all redevelopment agen...
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