pages: CityCouncil/2008-10-07.pdf, 24
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2008-10-07 | 24 | Councilmember deHaan stated a better name would be one that is historical in nature. Mayor Johnson concurred with Councilmember deHaan; stated a temporary name should be used. Vice Mayor Tam stated that the motion should also include assurance that the TDM addresses what would happen on the other side of the [Park Street ] bridge. Councilmember deHaan stated Council continually discusses sales tax leakage. the area provides an opportunity to capture sales tax leakage. On the call of the question, the motion carried by unanimous voice vote - 5. (08-413 CC/ARRA/08-53 CIC) Recommendation to approve the second amendment to the Exclusive Negotiation Agreement with SCC Alameda Point LLC . Debbie Potter, Base Reuse and Community Development Manager, gave an overview of the proposed Second Amendment to the ENA, stating that in June 2008, SunCal Companies, Alameda Point's master developer, requested authorization from the ARRA to secure a financial partner to assist in carrying out their obligations under the ENA. Pursuant to the ENA, a transfer requires approval of CIC, CC, ARRA. On Aug. 19th, the ARRA considered the transfer to the new entity: Cal Land Ventures, a joint partnership between D.E. Shaw Real Estate Portfolio Twenty, LLC and WM Development Group, a wholly-owned affiliate of SunCal. Discussion of the transfer was based on the following core principles - 1) any new entity must retain SunCal as the day-to-day manager of the project, 2) SunCal should retain equity interest in the new venture, and 3) new entity should commit to invest funds necessary to meet obligations under the ENA. The City/ARRA/CIC felt it was critical to amend the ENA to address these core principles, because City entities are not parties to an operating agreement between joint venture partners. The 2nd amendment to the ENA provides Approval of ownership transfer, establishes new termination date of July 20, 2010 - this date reflects SunCal's intention to seek voter approval of its proposed land plan in Nov. 2009 and anticipates concluding DDA negotiations by July 20, 2010. The termination date can only be Special Joint Meeting Alameda City Council, Alameda Reuse and 5 Redevelopment Authority, and Community Improvement Commission Meeting October 7, 2008 | CityCouncil/2008-10-07.pdf |