pages: CityCouncil/2009-12-02.pdf, 6
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CityCouncil | 2009-12-02 | 6 | Commissioner Matarrese stated that he appreciates the investment of $8 million for the right-of-way, which is also for Alameda Point, not just Alameda Landing something got done; the College got a laboratory; 2012 is not far away; that he wants to hear what is being done to meet the deadline; the City should be thinking about a Plan B if things are not on track and the milestone is not met. The Economic Development Director stated alternative strategies include interim leasing in two warehouses. In response to Chair Johnson's inquiry about interim leasing, the Economic Development Director stated the minimum lease time would need to be three years to cover rewiring costs. Commissioner Matarrese stated negotiations could be done if the prospect is that the [2012] deadline might not be met; that he wants to hear from Catellus about what is occurring. Chair Johnson stated the interim leasing improvements could be amortized in three years; the demolition and backbone will take two more years; the project is phased; interim leasing could be done; the frustration is nothing is being done; that she understands the economy the City appreciates the $8 million to get Stargell done; the perception is nothing is being done. Commissioner Gilmore stated Catellus stepped up and facilitated Stargell; the City is not out trying to attract tenants; getting financing is very difficult; banks are not lending and are sitting on cash waiting for the commercial real estate market implosion; that she understands the frustration and feels it; however, the developer is trying to bring in a tenant in the worst market since the depression. Mayor Johnson stated Catellus obtained the project entitlement during the good economy stated that she is anxious to hear what is being done; inquired what year Catellus received entitlement. The Economic Development Director responded the original DDA was approved in 2000; the project was bifurcated in 2003 to allow Bayport to go forward; re-entitlement was not done until 2006. Chair Johnson inquired what year the Exclusive Negotiation Agreement (ENA) was done. The Economic Development Director responded that she does not have Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority and 6 Community Improvement Commission December 2, 2009 | CityCouncil/2009-12-02.pdf |