pages: CityCouncil/2006-07-26.pdf, 7
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CityCouncil | 2006-07-26 | 7 | a commitment for construction and permanent financing; the Bank of Alameda extended the commitment for six months; the developer has raised $2 million of additional equity and is trying to finalize the construction bids; the developer is planning to apply for permits in early September. Councilmember/Commission deHaan inquired whether staff received documents verifying that the financing is in place. The Development Services Director responded the City has a copy of the loan commitment; the appraisal and placement of the equity into the loan are the only contingencies left on the loan commitment Councilmember/Commissioner deHaan stated the Cineplex and the parking garage property line has been pushed four to five feet on Oak Street and dog legs out. The Development Services Director stated the sidewalk dog legs out i the City performed a survey of the property; the property showed that the public sidewalk encroached six feet onto the private property; originally a bulb out at the corner and removing the parking on the City's portion of the parcel was contemplated for a variety of traffic safety and pedestrian concernsi originally, the bulb was to be fourteen feet wide and would now be ten feet wide the average downtown sidewalk is eight feet wide. Councilmember/Commissioner deHaan inquired whether the sidewalk would be four-fee without the bulb out. The Development Services Director responded the sidewalk would be six feet because the property line would be set back two feet. uncilmember/Commissioner deHaan stated that he is concerned about the massive walls in the area; inquired why substituting surety bonds was pulled off the agenda and whether the matter was relevant to tonight's discussion. The Development Services Director responded that the staff recommended that the $200,000 offset come from the division's operating fund for salaries. Mayor/Chair Johnson inquired whether tonight's discussion on the theater budget included everything, to which the Development Services Director responded in the affirmative. Councilmember/Commissioner deHaan commended staff for making $4.5 million in value engineering reductions; stated there is slim to no Special Joint Meeting Alameda City Council and 7 Community Improvement Commission July 26, 2006 | CityCouncil/2006-07-26.pdf |