pages: CityCouncil/2010-05-04.pdf, 25
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CityCouncil | 2010-05-04 | 25 | all funds, the Deputy City Manager - Economic Development stated not necessarily; staff has requested SunCal to provide a statement of predevelopment expenses; part of the pro forma negotiations include what predevelopment costs have been put into the pro forma as eligible predevelopment expenses; typically, [developers] seek a return on expenditures. Mayor/Chair Johnson inquired whether the pro forma should include all known numbers. The Deputy City Manager - Economic Development responded the pro forma includes predevelopment expenditures; stated staff needs to determine whether the number is correct. Mayor/Chair Johnson inquired what is the [predevelopment expenditure] figure, to which the Interim City Manager/Executive Director responded $9 million. Mayor/Chair Johnson stated getting a breakdown should not be a problem. The Deputy City Manager - Economic Development stated staff would request said information from SunCal on Thursday. Mayor/Chair Johnson stated the timeline is short; staff should not spend time on the issue; that she hopes SunCal provides said information; the issue is administrative. The Interim City Manager/Executive Director stated the pro forma includes $9 million for predevelopment costs which covers staff costs, the escrow account, and other items expended for the ballot initiative; staff is just starting to get into the detailed pro forma; the previous pro forma was based on the Measure B project; numbers are driven by the type of project; the key is to have the numbers be more than the budgeting numbers and start cutting numbers down to the detail to get to a point that the IRR makes sense. Vice Mayor/Board Member/Commissioner deHaan inquired whether predevelopment costs have been received. The Interim City Manager/Executive Director responded in the negative; stated that staff is still waiting for the escrow account and staff costs to date. The Deputy City Manager - Economic Development stated the total current costs [for which documentation has been submitted] are $5.5 million. The Interim City Manager/Executive Director stated costs are off by $4 million. Mayor/Chair Johnson stated the issue should be handled and staff needs to get onto other things; progressing at a rapid pace is important. Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority, and Community 8 Improvement Commission May 4, 2010 | CityCouncil/2010-05-04.pdf |