pages: CityCouncil/2009-03-17.pdf, 20
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CityCouncil | 2009-03-17 | 20 | Vice Mayor/Commissioner deHaan inquired where the money came from, to which the Interim Finance Director responded the money accumulated over time. Vice Mayor/Commissioner deHaan inquired what are the funding projections for the next five years. The Public Works Director responded existing projects would continue without needing to access any of the money that would be part of the loan; stated staff is currently embarking on a Sewer Master Plan to identify a twenty-year capital improvement project plan which would indicate whether property tax fees should remain the same or change. Vice Mayor/Commissioner deHaan inquired whether some of the funding would be used for Alameda Point infrastructure. The Public Works Director responded typically, developers pay improvement costs. Vice Mayor/Commissioner deHaan inquired what would be the funding stream if Catellus does not move forward. The Base Reuse and Community Development Manager responded the CIC would be the promissory note holder; stated funding could come from tax increment, bonds, or lease revenues from Alameda Reuse and tedevelopment Authority (ARRA) or Fleet Industrial Supply Center (FISC) . Vice Mayor/Commissioner deHaan inquired how other tax increment projects would be impacted. The Base Reuse and Community Development Manager responded staff would start budgeting for the loan repayment ; stated other redevelopment projects may have to be postponed. Councilmember/Commissioner Tam stated the staff report notes that the $2.2 million pro rata share would be triggered within 120 days of Catellus finalizing a Purchase and Sale Agreement with Target ; inquired whether getting some type of entitlement before the $2.2 pro-rata share moves into City funds is not necessary, to which the Base Reuse and Community Development Manager responded in the affirmative. Councilmember/Commissioner Tam stated other revenue sources are listed in addition to the Sewer Fund; there has been an on-going Special Joint Meeting Alameda City Council and 3 Community Improvement Commission March 17, 2009 | CityCouncil/2009-03-17.pdf |