Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Manager
Subject: Memorandum of Understanding with Atherton re Lease/Leaseback Transaction
RECOMMENDATION:
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Adopt a resolution authorizing and directing the County Manager, or the County Manager's designee, to execute the Memorandum of Understanding with the Town of Atherton to enter into a December 2021 Lease/Leaseback Transaction.
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BACKGROUND:
On November 10, 2020, the Board adopted Resolution No. 20-865 authorizing the County's execution of a Memorandum of Understanding with the San Mateo County Flood and Sea Level Rise Resiliency District, the City of Redwood City, the City of Menlo Park, and the Town of Atherton (the "Bayfront MOU") with respect to construction and operation of the Bayfront Canal and Atherton Channel Flood Protection and Ecosystem Restoration Project (the "Bayfront Project") for up to $7,455,000. The Bayfront Project will consist of a series of projects that provide flood protection and other benefits to the region. The Bayfront Project entails completing design; securing all permits and property rights; completing construction; and conducting operations and maintenance of new facilities, and monitoring, maintaining, and reporting on mitigation actions required by environmental regulatory permits. The Bayfront MOU requires monetary payments from each of the parties to finance the Bayfront Project.
Atherton has requested that the County make funds available to finance the amount of Atherton's required monetary contribution to the Bayfront Project, which totals $1,350,000.
Pursuant to State law, the County may provide financial assistance to cities located within the county to the extent that the parties enter into lease-leaseback agreements with respect to real property situated within the county. A lease/leaseback transaction would enable the County to provide funds to Atherton i...
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