Title
Approve a Water, Sewer, and Recycled Water Infrastructure Agreement for East Garrison Phase 3 among the East Garrison Public Financing Authority, the Marina Coast Water District, and UCP East Garrison LLC for the financing, construction, and transfer of water, sewer, and recycled water infrastructure related to Phase 3 of the East Garrison development project on the former Fort Ord.
Report
RECOMMENDATION:
It is recommended that the Board of Directors of the East Garrison Public Financing Authority, approve a Water, Sewer, and Recycled Water Infrastructure Agreement for East Garrison Phase 3 among the East Garrison Public Financing Authority, the Marina Coast Water District, and UCP East Garrison LLC for the financing, construction, and transfer of water, sewer, and recycled water infrastructure related to Phase 3 of the East Garrison development project on the former Fort Ord.
SUMMARY:
The purpose of this Agreement is to delineate the specific responsibilities of the UCP East Garrison, LLC, the current Developer of the East Garrison Project, the Marina Coast Water District (MCWD), and EGPFA relative to the implementation and payment of costs for public water, sewer, and recycled water infrastructure improvements required for Phase 3 of the East Garrison development.
The Agreement states that these improvements, including pipelines, pumps, storage tanks, etc. to deliver potable water, sewer, and recycled water services to the development, will be designed and constructed by the developer, and when completed will be owned and operated by MCWD. While the Agreement states that is anticipated that the acquisition, construction and installation of some or all of these improvements may be financed by the issuance of Mello Roos bonds by EGCFD the Agreement does not require the issuance of Mello-Roos bonds to reimburse infrastructure costs for the East Garrison development project. Instead the Agreement makes the water and sewer infrastructure improvement elig...
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