pages: CityCouncil/2007-10-16.pdf, 6
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CityCouncil | 2007-10-16 | 6 | City's stated the City would have to go to the major financers ; all parties would be motivated to find an operator. Mayor Johnson stated it is important to clearly state that the City cannot be looked to for additional money. The Development Manager stated additional language could be added to the Owner Participation Agreement that further clarifies the City's obligation to the project. Mayor Johnson stated the agreement needs to state that the City's contribution is $4 million, period. Councilmember deHaan stated that staff should consult with the City Attorney and come back with a locked, tight agreement questioned whether timing was a concern. The Development Manager stated that the City's $4 million commitment is made in a very clear resolution and is on the books; staff is looking for authorizatior to use CMFA to release the bonds; RCD needs to submit an application to the California Debt Limit Allocation Committee by November 5. The Base Reuse and Community Development Manager stated the commitment to the project started with the Community Improvement Commission (CIC) adopting a resolution committing up to $4 million to the project; the City is first in line to have the $4 million reduced if RCD is successful in bundling other money RCD will be going to the Federal Home Loan Bank Board; an application has been submitted to the County for Home Funds; the schedule is ambitious. Mayor Johnson inquired when Council would have the opportunity to review Operation Dignity's management requirements. The Base Reuse and Community Development Manager responded some of the management requirements are exhibits to the settlement agreement approved last year; stated a lot of protections are included the Owner Participation Agreement would reiterate the City's maximum $4 million commitment and stipulate that the City's commitment decreases first if other funding sources are identified. Councilmember Matarrese stated that he feels the two resolutions are fine; additional City protection could be in the third WHEREAS of the resolution approving the Joint Powers Agreement ; a qualifying statement could be added to say that allocation of an amount not to exceed $4 million is the qualifier for the City': S participation in the 39-unit project. Regular Meeting Alameda City Council 6 October 16, 2007 | CityCouncil/2007-10-16.pdf |