pages: CityCouncil/2007-10-16.pdf, 7
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2007-10-16 | 7 | Councilmember Gilmore concurred with Councilmember Matarrese; stated that she does not have a problem with the financing stream; all entities need to be aware that the City's commitment is $4 million, the City will not be on the hook for any overruns, and that the City's funds are the first returned if RCD finds additional funds. The Base Reuse and Community Development Manager stated the approved resolution includes said language i the language can be introduced in the Owner Participation Agreement when said agreement comes back to Council. Councilmember deHaan stated that he would like to have the City Attorney advise on the matter. The City Attorney stated that there would be no possibility that the City would have any residual liability to pay back the bonds ; the bonds are privately issued bonds ; the City would not be the borrower or the issuer. Mayor Johnson inquired what is the project's total budget. The Development Manager responded the total construction cost is approximately $16 million; $25 million touches the project over the course of the financing because of the construction and permanent financing flow. Mayor Johnson inquired whether $16 million is for construction, to which the Development Manager responded in the affirmative. Mayor Johnson inquired whether $16 million is a comfortable amount, to which the Development Manager responded in the affirmative. Mayor Johnson opened the public portion of the hearing. There being no speakers, Mayor Johnson closed the public portion of the hearing. Vice Mayor Tam moved adoption of the resolutions with Councilmember Matarrese's proposed language regarding the $4 million cap. Councilmember Matarrese seconded the motion. Under discussion, Vice Mayor Tam amended the motion with direction that 1) explicit language be added to the agreement that stipulates the City would not be responsible for repayment of the principal and prepayment premium as noted in Section 4 and 2) language be added to the resolution regarding the $4 million cap related to the Regular Meeting Alameda City Council 7 October 16, 2007 | CityCouncil/2007-10-16.pdf |