Title
a. Receive a presentation on options for financing for building removal on the former Fort Ord and analysis of the proposed Fort Ord Reuse Authority bond issuance;
b. Consider making a recommendation to Fort Ord Reuse Authority; and
c. Provide direction to staff. (ADDED VIA ADDENDA)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive a presentation on options for financing for building removal on the former Fort Ord and analysis of the proposed Fort Ord Reuse Authority bond issuance;
b. Consider making a recommendation to Fort Ord Reuse Authority; and
c. Provide direction to staff.
SUMMARY/DISCUSSION:
In accordance with Board of Supervisors direction, staff has obtained outside professional services for finance advice and legal bond counsel. November 19, 2019 was set as the time for the Board to receive this report and to have consultants available for discussion.
At the November 19, 2019 meeting, the financial consultant will present an overview of alternative financing mechanisms available to the County for building removal on the former Fort Ord. This analysis will include consideration of potential revenue streams available for these financing alternatives and the effect (e.g. timing) of the current recognized redevelopment obligations being funded with tax increment at the East Garrison development. Financing options available to the County are: Debt secured by County General Fund Reserves; Enhanced Integrated Financing District (EIFD); and Community Revitalization and Investment Authority (CRIA). Debt secured by General Fund Reserves is the financing alternative available to the County that could fund building removal in the near-term. In contrast, an EIFD or CRIA could fund building removal some years in the future; however, it would take time to establish an EIFD or CRIA and could be many years before an established revenue stream is developed (e.g., completion of redevelopment activities in East Garr...
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