Title
For purposes of meeting the local match requirements to receive federal funding from the United States and California Departments of Veterans Affairs, adopt a resolution setting a 2017 fair market value of $8,921,070 for 52.17 acres of land which County authorized FORA to transfer to the State of California in 2013 for the California Central Coast Veterans Cemetery.
Report
RECOMMENDATION:
It is recommended that the Monterey County Board of Supervisors:
For purposes of meeting the local match requirements to receive federal funding from the United States and California Departments of Veterans Affairs, adopt a resolution setting a 2017 fair market value of $8,921,070 for 52.17 acres of land which County authorized FORA to transfer to the State of California in 2013 for the California Central Coast Veterans Cemetery.
SUMMARY/DISCUSSION:
On March 26, 2013, the Board of Supervisors adopted a resolution waiving the County's right to receive title to certain property and directing the Fort Ord Reuse Authority (FORA) to transfer the property directly to the State for a Veterans' Cemetery, subject to certain conditions. As such, FORA transferred a total of 84.4 acres of developable land, a 52.16-acre portion of which County authorized FORA to transfer, to the State of California for purposes of the California Central Coast Veterans Cemetery. Following Economic and Planning Systems' (EPB's) methodology, FORA determined an average fair market value of $171,000 per acre for development properties as of May 2017 (FORA's estimate for its 2017-18 CIP). As such, the subject 84.4 acres is valued at $14,432,400. The 52.17 acres to which the County waived its rights to receive title and FORA transferred directly to the State for the cemetery have an established value of $8,921,070.
It is recommended that the Board adopt this resolution, so the land donation may meet the local match requirements for the California Department of Veterans Affairs to eligible to receive fe...
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