Title
a. Approve a Compensation Agreement regarding the proposed transfer of property located at 300 Pacific Street, Monterey, from the City of Monterey Successor Agency to the City of Monterey; and
b. Authorize the County Administrative Officer to sign the Compensation Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors of Monterey County:
a. Approve a Compensation Agreement between Monterey County and the Successor Agency to the Redevelopment Agency of the City of Monterey, regarding the proposed transfer of property located at 300 Pacific Street, Monterey, from the Successor Agency to the City of Monterey; and
b. Authorize the County Administrative Officer to sign the Compensation Agreement.
SUMMARY/DISCUSSION:
This Compensation Agreement is being submitted to the Board of Supervisors for Monterey County pursuant to a request by the City of Monterey as part its approval process for disposition of properties formerly held the Redevelopment Agency of the City of Monterey. To fulfill state law requirements, the City of Monterey is requesting that all affected taxing entities, including Monterey County, enter into the agreement.
The Compensation Agreement will facilitate the transfer of the Hotel Pacific, located at 300 Pacific Street, Monterey, from the Successor Agency to the City of Monterey Redevelopment Agency (Successor Agency) to the City of Monterey. The Compensation Agreement provides for the transfer of the property at no cost to the City. The transfer is consistent with the Successor Agency's Long Range Property Management Plan, approved by the State of California, and will generate no sales proceeds. Additionally, the property is subject to the legal restriction that all property income be expended for federal Community Block Development Grant (CDBG) purposes. For these reasons, the Compensation Agreement provides for no distribution of property tax to local taxing entities.
Background:
The Redevelopment Dis...
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