pages: CityCouncil/2008-08-19.pdf, 23
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CityCouncil | 2008-08-19 | 23 | billion hedge fund; D.E. Shaw is SunCal's existing partner for a big project in Albuquerque, New Mexico. Councilmember/Board Member/Commissioner deHaan inquired how D.E. Shaw builds assets. The Base Reuse and Community Development Manager responded D.E. Shaw is a typical hedge fund; stated D.E. Shaw's wherewithal to finance obligations pursuant to the ENA has been verified. Mayor/Chair Johnson inquired whether Lehman Brothers was ever a partner of the Alameda Point project, to which the Base Reuse and Community Development Manager responded in the negative. The Assistant City Manager stated D.: E. Shaw is a privately held hedge fund; investors are confidential. Councilmember/Board Member/Commissioner Gilmore stated cross- default is a concern because of all the projects that SunCal and D.E. Shaw have together ; the City wants to ensure that any ripples stop before reaching Alameda if something happens to another SunCal project. Councilmember/Board Member/Commissioner Matarrese restated the motion to move approval of the staff recommendation with direction to: 1) negotiate a second amendment to the ENA, which would include a provision that the City would have the right to terminate the ENA if SunCal was removed for any reason other than illegal activity or material cause; 2) place a cap on the timeline to remove the flexibility of an automatic extension; 3) insulate against the possibility of cross defaults; and 4) establish mandatory milestones which would be synced with the status of the project. Vice Mayor/Board Member/Commissioner Tam seconded the motion. On the call for the question, the motion carried by unanimous voice vote - 5. (ARRA) Oral report from Member Matarrese, Restoration Advisory Board (RAB) representative. Board Member Matarrese stated the August 13, 2008 Chronicle had an article about the Army giving the Fort Ord Reuse Authority 3,300 acres and $100 million for remediation: inquired whether information is true, to which the Assistant City Manager responded in the affirmative. Special Joint Meeting Alameda City Council, Alameda 6 Reuse and Redevelopment Authority, and Community Improvement Commission August 19, 2008 | CityCouncil/2008-08-19.pdf |