pages: AlamedaReuseandRedevelopmentAuthority/2008-11-18.pdf, 4
This data as json
body | date | page | text | path |
---|---|---|---|---|
AlamedaReuseandRedevelopmentAuthority | 2008-11-18 | 4 | the application for the historic district. Clear policies and a well-thought-of redevelopment effort requires patience, due diligence, and there will be verbal sparring - a challenge and constraint that they are ready to engage in. Mr. Tagami discussed a similar situation with the Fox Theatre in Oakland - there were more reasons why you can't renovate the building versus why you can - and there's a shorter time horizon here at Alameda Point, so they are willing to explore adaptive reuse prior to transfer and are ready to take that risk. Member Matarrese asked whether Mr. Tagami has had discussions with the City regarding transitional use prior to transfer and whether we are pursuing this. Member Matarrese stated that this option was a way to get us closest to the plan without losing the assets out there, as there is copper mining, vandalism, and no funds to secure property. Mr. Tagami said that he has expressed this desire and that SunCal has beginnings of communication with the City. It is an ongoing process, but they want to mind their role, focus on due diligence and underwriting, but said that when the time is appropriate, they would be prepared to engage in that dialogue. Member Matarrese asked if the appropriate time is now and if they are prepared to engage in that dialogue now. Member Matarrese expressed to the Board that they consider giving direction to move this issue as a priority. Vice Chair Tam discussed that the heavy capital makes the council and the board reluctant to make investments for property we don't own. Mr. Tagami explained that they often go at risk and are not asking the city to go at risk. They evaluate current increment expense, have a good track record of delivering value, all of which requires a team approach. They will expend the time, energy and money. Chair Johnson asked if DSD wants to move forward with interim adaptive reuse. Debbie Potter explained that the key components to the partnership and business deal is the leasing program and at what point to transition that leasing program. These discussions are underway, and staff is interested in understanding what SunCal and Phil Tagami are proposing. Taking over the leasing program and expanding that program, renovating and identifying what uses can be derived from those if renovated. David Brandt, Deputy Executive Director, added that there was also discussion of starting with restoring one building at a time. Chair Johnson stated that there are lots of benefits to adaptive reuse prior to transfer and that we should move forward. Member Gilmore asked how many of the 23 buildings are currently under lease, to which Ms. Potter replied that most are not, because they are in poor condition. Member Gilmore discussed working something out with Suncal and Mr. Tagami for taking over historic properties that are not under lease, to rehab and get them for productive use, and the sooner the better. Ms. Potter explained that we should continue the analysis, what they can expect for a revenue stream, and how willing are they to go at risk for buildings we don't own. Mr. Tagami explained that all properties need time on task; they need to take stock of the buildings, introduce them back on marketplace. It will take lots of work, and there will be obstacles and tears shed, but they are up for the challenge and there is no excuse not to engage. Mr. Keliher wanted to make it clear that SunCal has not engaged staff in any kind of detail about this particular issue, in response to Chair Johnson's request that SunCal communicate with staff on more regular basis staff so they can have a better understanding of possibilities, and they are not caught by surprise. Ms. Potter stated that she didn't intend to give that impression, and that the issue just hasn't been discussed in great detail. She explained that SunCal and Tagami have to do their deal before they can come to the City with a proposal. The Board and staff were all in agreement that there are advantages to moving forward with rehabilitation on the structures that can be saved, and to make it a priority to move forward on discussions and do it as quickly as possible. Member Matarrese proposed that the ARRA direct staff to get into discussions with SunCal and Phil Tagami tomorrow and bring an update back on what the discussions have been like and what the choke points are; and this issue can be discussed as a separate activity that runs parallel to the development. All Boardmembers agreed. | AlamedaReuseandRedevelopmentAuthority/2008-11-18.pdf |