pages: CityCouncil/2008-02-19.pdf, 17
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CityCouncil | 2008-02-19 | 17 | anticipate litigation costs; the Beltline litigation ended up costing more than the parcel cost; reserve funding is needed for prospective issues; the City directly controls the Utility Users Tax; inquired whether other revenue sources are controlled by the City. The Finance Director responded the Property Transfer Tax; stated a vote would be required to increase the tax. Vice Mayor/Board Member/Commissioner Tam inquired whether focusing on the Property Tax would result in the biggest bang for the buck. The Finance Director responded an increase in the Property Transfer Tax would require a two-thirds vote; stated currently the City charges $5.40 per $1,000 and is next to the last of the Charter cities. Mayor/Chair Johnson requested clarification on the value of the Beltline property versus cost of litigation. The City Attorney/Legal Counsel stated the result of the litigation is that the City will pay a little under $1 million for the property; the Beltline estimates the property value between $30 and $40 million. Councilmember/Board Member/Commissioner deHaan inquired whether the litigation costs were coming out of the General Fund initially. The Finance Director responded said costs were paid out of the Risk Management fund; the Risk Management fund needed to be backfilled from the General Fund. Councilmember/Board Member/Commission deHaan inquired whether the $1. 4 million cost occurred over the last several years, to which the Finance Director responded in the affirmative. Vice Mayor/Board Member/Commissioner Tam stated the third recommendation is to undertake a thoughtful, structural realignment for Fiscal Year 2008-2009; inquired whether the second half of the fiscal year would require dipping into reserves to cover the deficit, to which the Finance Director responded in the affirmative. Councilmember/Board Member/Commissioner Matarrese inquired what would be the risk in deferring the Lincoln Park project. Special Joint Meeting Alameda City Council, Alameda Reuse 5 and Redevelopment Authority, and Community Improvement Commission February 19, 2008 | CityCouncil/2008-02-19.pdf |