Memorandum
Date: October 20, 2020
To: The Honorable Moke Simon, Chair, Lake County Board of Supervisors
From: Scott De Leon, Public Works Director
Subject: Adopt Resolution Amending Resolution No. 2020-133 to amend the adopted Budget for FY 20-21 by Cancelling Obligated Fund Balance in the Building and Infrastructure Reserve Fund to Provide Interim Financing to Purchase Property in the Middle Creek Restoration Project Area
Executive Summary: (include fiscal and staffing impact narrative):
On October 6th, your Board approved the purchase of the residential property owned by Nancy Torrence and Becky Vigil (Torrence/Vigil) as part of the Middle Creek Marsh Restoration project. This purchase is being funded through a Flood Protection Corridor Program Grant we have obtained through the State of California, which funds 100% of the property acquisition and relocation costs. Prior to making an offer to the seller, an environmental review of the property and an appraisal was performed, and the State has reviewed and approved all aspects of this purchase - including the purchase of the Torrence/Vigil property and funding the difference in cost of their new property, which is referred to as "purchase differential". Torrence/Vigil entered into escrow for their replacement property with the understanding the State would fund the purchase, however on October 6th we were informed that the State was several weeks away from funding which has placed their escrow in jeopardy. Staff brought to your Board an emergency, extra-agenda item during your meeting on October 6th for consideration of a temporary loan to complete the property purchase, which your Board approved. At that time, we explained that a resolution would be required to modify the adopted budget for FY 2020-21, and today's item is intended to introduce that resolution, which is attached.
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