pages: CityCouncil/2009-03-17.pdf, 19
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CityCouncil | 2009-03-17 | 19 | Mayor/Chair Johnson inquired what would happen if timelines are not met, to which the Base Reuse and Community Development Manager responded the $4 million would be forfeited. Mayor/Chair Johnson inquired whether staff is watching to see whether the project would qualify for stimulus funding, to which the Base Reuse and Community Development Manager responded in the affirmative. Councilmember/Commissioner Matarrese inquired 1) whether the City would be paid back the $3 million in Sewer Fund money if stimulus funding were received; 2) what would happen if Catellus does not move forward; and 3) whether the City would only receive $2 million back from Catellus or whether the $2 million is the down payment on the obligation. The Base Reuse and Community Development Manager responded the City would receive $2.2 million for the Stargell Avenue project if Catellus moved forward with Target only; stated Catellus would be 100% responsible for the local match if the rest of the project moves forward; that she is not sure whether the City would be able to be reimbursed with stimulus funding. Councilmember/Commissioner Matarrese inquired whether the City could lose $3 million, which is the delta between the estimate and the actual bid, in addition to the $4 million, to which the Base Reuse and Community Development Manager responded in the affirmative. Mayor/Chair Johnson inquired whether thought should be given to phasing the project. The Interim Finance Director responded the Stargell Avenue project would not qualify for stimulus funding; stated the federal government is talking about a second, third, and fourth recovery; the City needs to look to the State because the State may be offering some incentives for ready projects; the City would draw down on the loan amount based on actual needs; not having some opportunity to repay the Sewer Fund in the next five years is less than 3% Vice Mayor/Commissioner deHaan inquired how much money is in the Sewer Fund. The Interim Finance Director responded the true cash fund balance is approximately $18 million. Special Joint Meeting Alameda City Council and 2 Community Improvement Commission March 17, 2009 | CityCouncil/2009-03-17.pdf |