Title
a. Receive a report regarding and discuss the Fort Ord Reuse Authority's proposal to issue a bond against its statutory share of property tax revenue for building removal in the former Fort Ord area;
b. Provide recommendation to the Board; and
c. Provide direction to staff.
Report
RECOMMENDATION:
It is recommended that the Fort Ord Committee
a. Receive a report regarding and discuss the Fort Ord Reuse Authority's proposal to issue debt against its statutory share of property tax revenue to for building removal in the former Fort Ord area;
b. Provide recommendation to the Board; and
c. Provide direction to staff.
SUMMARY:
The Fort Ord Reuse Authority (FORA) Board of Directors has authorized FORA to proceed with all necessary preparatory work to issue bonds for building removal (Attachment 1). There are policy issues to be resolved before any bond is issued as well as a fair number of administrative tasks for County staff to enable the bond issuance. Key issues of concern for discussion include but are not limited to: bond administration post-FORA; legal questions requiring further discussion and resolution; timing of issuance; bond proceed distribution; project implementation and accountability. Staff recommends the County hire a financial consultant to advise the County regarding the bond issuance to help ensure the County's interests related to the issuance, and funding is needed to fund these outside services. Should FORA issue bonds and the County receive proceeds from those bonds, the County will need to determine if it would like to remove all remaining structures, or if some of the buildings have value to retain for possible future repurpose and use.
Staff is seeking the Fort Ord Committee's recommendation to the Board of Supervisors and input to guide staff on next steps and resources necessary to advise the Board of Supervisors as to the County's interests and to ensure that those interests are protected.
DISCUSSION:
At a Special Meeting...
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