pages: CityCouncil/2005-08-16.pdf, 5
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CityCouncil | 2005-08-16 | 5 | Following Gina Shepard's comments, Mayor Johnson called a recess at 11:37 p.m. and reconvened the Regular City Council Meeting at 11:50 p.m. *** When the meeting was reconvened, Councilmember Matarrese moved approval of continuing the meeting past midnight. Vice Mayor Gilmore seconded the motion, which carried by unanimous voice vote - 5. Following Frank Lopez, there being no, further speakers, Mayor Johnson closed the public portion of the Hearing. Councilmember Daysog stated that the cost for the Cineplex and historic renovation is approximately $13 million dollars; the report compares the $13 million cost against $5.9 million in revenues; there is a negative of $7.1 million; inquired whether interest is included in the $13 million cost. Tim Kelly, Keyser and Marston Associates, responded in the negative. Councilmember Daysog inquired what the amount would be if interest were included. Mr. Kelly responded tax increment should be included if interest is included; stated the bonds are already funded; all sources of income that pay for the City's obligations, including tax increment used to fund the debt service on the bonds and garage income, are not included. Councilmember Daysog inquired whether there was an estimate of how long it would take for property values to raise in order to recoup the $7.1 million. Mr. Kelly responded the Community Improvement Commission (CIC) already has the income to pay for the approximately $15 or $16 million in bonds which have been sold; the $7 million for the parking garage is not paid for yet; some sources of funds would be the theater and ground lease rent. Councilmember Daysog inquired whether the sources of funds would equal $5.9 million. Mr. Kelly responded in the affirmative; stated the source of funds would be $5.9 million in present value against a loan of $7 million present value. Regular Meeting Alameda City Council 5 August 16, 2005 | CityCouncil/2005-08-16.pdf |