pages: CityCouncil/2005-04-19.pdf, 12
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CityCouncil | 2005-04-19 | 12 | that flow from Phase I tax increments are obligated to Phase II unless negotiated differently. Mayor/Chair Johnson inquired whether Phase II has been negotiated, to which the Development Services Director responded Phase II has a Disposition and Development Agreement (DDA) . Mayor/Chair Johnson inquired whether the DDA provisions could be renegotiated, to which the Development Services Director responded in the affirmative. Councilmember/Commissioner Matarrese inquired whether the bottom line of the next phase is more favorable. The Development Services Director responded that a developer advance is not required; available funds would be required to be put into the infrastructure in a different pattern. Councilmember/Commissioner Matarrese inquired whether the Research and Development Park and Business Park look more favorable, to which the Development Services Director responded that she could not respond; there are other issues related to the economics. Councilmember/Commissioner Matarrese inquired whether the profits rolling into the next project allow for a more favorable situation, to which the Development Services Director responded possibly. Councilmember/Commissioner deHaan inquired whether the price of homes is the principal factor for the current situation, to which the Development Services Director responded in the affirmative. Councilmember/Commissioner deHaan stated the break-even point was $650,000. The Redevelopment Manager noted the average sale price of the homes was $725,000. louncilmember/Commissioner Daysog stated that news is good overall; profit participation was initially questionable. Councilmember/Commissioner deHaan moved approval of the staff recommendation Counci lmember/Commissioner Matarrese seconded the motion, which carried by unanimous voice vote - 5. Doug Biggs, Alameda Point Collaborative (APC), stated that the APC Special Joint Meeting Alameda City Council and 2 Community Improvement Commission April 19, 2005 | CityCouncil/2005-04-19.pdf |