ITEM:		ACTION ITEM
20.	CONSIDER ADOPTION OF AGREEMENT FOR TAXING ENTITY COMPENSATION
Meeting Date:			May 20, 2024	Budgeted:	No
From:			David J. Stoldt	Program/	N/A
			General Manager	Line Item:	N/A
Prepared By:			David J. Stoldt	Cost Estimate:	N/A
General Counsel Review: N/A
Committee Recommendation: N/A
CEQA Compliance: This action does not constitute a project as defined by the California Environmental Quality Act Guidelines section 15378.

SUMMARY: Pursuant to AB X1 26 the Redevelopment Agency of the City of Seaside was dissolved as of February 1, 2012, and the Successor Agency to the Redevelopment Agency of the City of Seaside (“Successor Agency”) was established, and an oversight board to the Successor Agency was established, which was subsequently replaced by a countywide oversight board.

Pursuant to California Health and Safety Code (“HSC”) Section 34191.5, the Successor Agency prepared a Long-Range Property Management Plan (“LRPMP”) addressing the disposition of the real property assets of the Former Agency. On May 11 2015, the LRPMP was approved by Resolution No.14-03 of the Oversight Board and by letter dated May 29, 2015, the State Department of Finance approved the LRPMP, as revised. Accordingly, the properties identified in the LRPMP were transferred to the Community Redevelopment Property Trust Fund of the Successor Agency.

The LRPMP provides, among other things, that the Successor Agency will transfer the Future Development Properties to the City of Seaside for future development, subject to entering into the Agreement with the Taxing Entities for the distribution of the net unrestricted proceeds received from the sale of such properties (attached as Exhibit 20-A).

The Net Unrestricted Proceeds from the sale of the Future Development Properties (other than the Monterey County Courthouse Site and Fire Station Property) will be distributed to all of the affected Taxing Entities on a pro rata basis in proportion to each Taxing Entity’s respective share of the property tax base at the time of a sale. The Parties desire to enter into this Agreement to, among other things, (i) approve the “no cost conveyance” and transfer of the Monterey County Courthouse Site to the State of California, (ii) set forth the terms under which City may retain the Fire Station Property for its own use and development, and (iii) set forth the terms under which the Net Unrestricted Proceeds from the sale of the remaining Future Development Properties will be distributed to all Taxing Entities on a pro rata basis in proportion to each entity’s respective share of the property tax base.

RECOMMENDATION: The General Manager recommends the Board adopt the Agreement for Taxing Entity Compensation and direct the General Manager to sign on behalf of the District.

EXHIBIT

20-A Draft Agreement for Taxing Entity Compensation

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