pages: CityCouncil/2006-07-26.pdf, 3
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CityCouncil | 2006-07-26 | 3 | The Development Services Director responded she was not sure whether the sign could be animated within budget. Councilmember/Commissioner deHaan inquired whether another scheme reduced the parking garage size to four levels plus the roof. The Development Services Director responded said scheme was not evaluated but could be a cost savings to the project; stated the project could be constructed within the existing budget if the parking garage size was reduced to four levels. louncilmember/Commissioner deHaan stated he was leaning towards a five-screen theater and a five-level parking garage, which would provide more seats and might not jeopardize retail as much; numbers could be extrapolated to reduce the cost by $2 to $2.5 million. The Development Services Manager continued with her presentation. Councilmember/Commissioner deHaan inquired whether the HUD loan had certain parameters. The Development Manager responded job generation is one of the major criteria. The Development Services Director stated the HUD program no longer exists. Councilmember/Commissioner Daysog inquired whether an increase in retail square footage would increase jobs. The Development Services Director responded possibly; stated the HUD application cannot be re-evaluated and re-ranked at this time. Vice Mayor/Commissioner Gilmore stated the City risks losing $7 million in HUD funding if the City gets too far away from the approved project parameters. The Development Services Director stated the developer has agreed to take on all the operating costs for the Historic Theater because of the Disposition and Development Agreement (DDA) conditions and projected revenue generation; funds would need to be taken out of the General Fund if the City took over operation and maintenance. Councilmember/Commissioner deHaan inquired whether deferred interest was one of the benefits of the HUD loan. Special Joint Meeting Alameda City Council and 3 Community Improvement Commission July 26, 2006 | CityCouncil/2006-07-26.pdf |