pages: CityCouncil/2008-12-16.pdf, 5
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2008-12-16 | 5 | sudden deaths are a big killer in the country; the mortality rate increases 10% per minute. (08-544) Gretchen Lipow Alameda, urged Council to immediately dissolve its relationship with D. E. Shaw; stated hedge funds are about to go bust; economics are forecasting a continued downturn in the economy ; the City should be very careful not to step into a dark hole. Mayor Johnson requested an explanation on what would happen if D.E. Shaw failed. The Assistant City Manager stated D.E. Shaw is funding the project; D.E. Shaw would be in default of the Exclusive Negotiating Agreement (ENA) if funding stopped and the ENA would terminate. Vice Mayor deHaan stated D.E. Shaw is putting $10 million into the project; the City will be lucky to get through the first phase; the next phases are uncertain; all developers are going through a sorting out phase; that he is looking forward to getting information on Catellus' status. Mayor Johnson stated there is good reason for uncertainty; uncertainty is well justified right now. Vice Mayor deHaan stated the General Fund could lose $1 million to $2 million each year if the project does not continue. The Assistant City Manager stated negotiations would be difficult regarding the developer's capability. Vice Mayor deHaan stated the matter should be a discussion point as the project moves forward. Councilmember Tam stated the City does not control funding that the developer receives; the City can control the relationship with the developer; the relationship would be terminated if D.E. Shaw goes bankrupt the City has protections. Vice Mayor deHaan stated the City should be aware; the devil is in the details. Mayor Johnson stated the matter could be placed on an agenda for further discussion; the City would be in the same circumstances no matter who was the developer. Councilmember Matarrese stated the matter should be placed on the next Alameda Reuse and Redevelopment Authority (ARRA) agenda; that Regular Meeting Alameda City Council 5 December 16, 2008 | CityCouncil/2008-12-16.pdf |