pages: CityCouncil/2008-08-19.pdf, 22
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CityCouncil | 2008-08-19 | 22 | Agreement to ensure that SunCal remains the Master Developer ; SunCal has been straight forward with the City; appropriate protections need to be in place to protect the community and retain SunCal unless a mutual decision is made that the project would not work or would not be feasible; a commitment was made to SunCal, not to a third party. Councilmember/Board Member/Commissioner Matarrese stated the purpose of the ENA is to drive the City to a Development Agreement with SunCal as the selected developer. Councilmember Matarrese moved approval of the staff recommendation including a provision stating that the City could terminate the ENA if SunCal is terminated for reasons other than illegal activity or other malfeasance; the timeline being capped to take out some of the flexibility for an automatic extension; milestones being adjusted to meet the current progress and state of the project; and the matter being brought back for public review. Mayor/Chair Johnson requested that the motion include language for material cause for termination. Councilmember/Boaro Member/Commissioner Matarrese agreed to amend the motion. Councilmember/Board Member/Commissioner deHaan requested clarification regarding the timeline. Councilmember/Boaro Member/Commissioner Matarrese stated the timeline should be capped to take away the automatic extension flexibility in the current ENA; staff would come back with a proposal. Councilmember/Board Member/Commissioner deHaan inquired who was the original financial partner. The Base Reuse and Community Development Manager responded SunCal anticipated self-financing the ENA period; stated SunCal identified the need to bring on a financial partner sooner given the real estate market. Councilmember/Board Member/Commissioner deHaan stated Lehman Brothers has an investment in the project. The Base Reuse and Community Development Manager stated Lehman Brothers has some holdings within D.E. Shaw; D.E. Shaw is a $40-$50 Special Joint Meeting Alameda City Council, Alameda 5 Reuse and Redevelopment Authority, and Community Improvement Commission August 19, 2008 | CityCouncil/2008-08-19.pdf |