pages: CityCouncil/2009-12-01.pdf, 4
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CityCouncil | 2009-12-01 | 4 | non-profit; Counsel has concerns that the tax exempt status of the bonds could be jeopardized by allowing a non-profit to construct and hold title to a facility. Councilmember Tam stated Measure WW has specific stipulations for the East Bay Zoological Society which has a non-profit 501 (c) (3) status and runs the Oakland Zoo; non-profit entities have specific funding allocations; the Zoological Society plans on using funds to expand the existing animal clinic; inquired whether a certain amount of funding allocated for private, non-profit use would be part of the criteria to determine whether or not the bonds could still preserve tax exempt status; further inquired whether the allotment to the East Bay Zoological Society has consumed a significant portion of the [non-profit] allotment and whether cities should submit applications on behalf of non-profits, such as San Leandro has done for a swimming center, because of competition for the allotment. Mr. Collins responded the Oakland Zoo is named in the Measure; the East Bay Zoological Society is the operator of the facility; the title to the facility is in governmental hands the private business use limitation is a percentage of overall bonds sold and endures for the life of the bonds counsel wants to avoid a situation where an allotment would be used up and would no longer be available. Councilmember Tam inquired whether the East Bay Zoological Society occupies the building on land granted by the Knowland Trust to the City of Oakland. Regular Meeting Alameda City Council 4 December 1, 2009 | CityCouncil/2009-12-01.pdf |