pages: CityCouncil/2010-01-05.pdf, 5
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CityCouncil | 2010-01-05 | 5 | The Interim City Manager responded the amount is not included; stated that she does not have an estimate for said amount. Vice Mayor deHaan stated his estimate is at least $60 million [for additional require inclusionary housing]; inquired whether escalation is included, to which the Interim City Manager stated the amount is based on present value. Vice Mayor deHaan stated that he would add $160 million more [for escalation]. Councilmember Matarrese stated the $500 million mentioned in the ballot argument is based on three source documents; the first document is from the January 2009 Alameda Reuse and Redevelopment Authority (ARRA) meeting; the Board was presented with a figure of $185 million in tax increment; $185 million is in jeopardy due to State takings; in a March 16, 2009 letter, the Navy assigned $108 million as the [land purchase] price; an October 30, 2009 Off Agenda Report addressed staff estimates and the $200 million cap; the estimates ran $100 to $175 million [above the cap]; adding up all the amounts totals $462 million; the fee waivers are $52 million, which brings the amount to $1/2 billion; there is a $1/2 billion hole; that he does not have reason to believe the source documents are not true. In response to School Board Member N. Tam's inquiry about conveyance, the Interim City Manager stated the redevelopment agency is the middleman; the agency would buy the land from the Navy and pass it onto the developer; documents between the City and the Navy require that the City receive the land; the redevelopment agency would pay the property seller [Navy] with money received from the property buyer [developer]; the Navy is interested in receiving $108 million for the property. The Redevelopment Manager stated there are no public pro formas; in March 2009, there was a very general presentation to the ARRA; the only numbers included were illustrative numbers of the fiscal analysis; actual numbers were not presented. The Interim City Manager stated the City and developer would negotiate the purchase price; the City is negotiating the pro forma with SunCal, which includes the land sale price; the amount cannot be discussed because the City is in an Exclusive Negotiating Agreement (ENA) [with SunCal]. Mayor Johnson requested SunCal representatives to explain how the school would be paid for with the $200 million cap. Mr. Keliher stated the initiative is intended to be the framework for the Alameda Point development concept; all of the details and nuisances would be negotiated in the DDA and School Mitigation Agreements; school locations are very limited; the constraints are the environmental conditions and State lands restrictions; other locations are not State lands compatible; the current assumption is that [school mitigation] fees would be paid and that Special Joint Meeting Alameda City Council and 5 Board of Education January 5, 2010 | CityCouncil/2010-01-05.pdf |