pages: CityCouncil/2006-12-05.pdf, 16
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CityCouncil | 2006-12-05 | 16 | return; there is an opportunity to share in the upside and recoup the project value. louncilmember/Authority Member/Commissioner deHaan inquired how much money would be generated with the Bayport profit share and whether all of the money would go back into the project. The Base Reuse and Community Development Manager responded the Bayport profit participation is the net once all obligations have been paid down; a $30 million profit participation is anticipated; $25 million would be used to pay off obligations. Councilmember/Authority Member/Commissioner Daysog inquired whether the City had no revenue stream and had to work with Catellus as a partner to provide the funding. The Base Reuse and Community Development Manager responded in the affirmative stated the City has a backbone infrastructure obligation; other costs escalated and reflect the ultimate project costs. Councilmember/Authority Member/Commissioner Daysog stated Council thought that the City would barely break even because the Bayport homes were to sell for $400,000 on average. the homes are selling between $700,000 and $900,000. The Base Reuse and Community Development Manager stated the strength of the residential market is what made the project financially viable for the CIC; the small amount of profit participation would be put toward Alameda Landing. louncilmember/Authority Member/Commissioner deHaan requested an explanation of the wharf rehabilitation plan and the City's share. The Base Reuse and Community Development Manager responded the City is contributing $40.5 million overall for the project; stated Catellus is responsible for all wharf renovation costs which are included in the $76.3 million figure; the wharf component is approximately $25 million. Councilmember/Authority Member/Commissioner deHaan inquired who would be responsible for maintenance once the project is built out. The Base Reuse and Community Development Manager responded the City would maintain the pubic portions of the wharf through the Municipal Services District; stated Catellus would maintain the Special Joint Meeting Alameda City Council, Alameda Reuse and 5 Redevelopment Authority, and Community Improvement Commission December 5, 2006 | CityCouncil/2006-12-05.pdf |