pages: CityCouncil/2010-06-15.pdf, 6
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CityCouncil | 2010-06-15 | 6 | financing for the first phase. Mr. Leaman stated Warmington Homes has financing for the project; affordable units come out of pocket; financing is based upon financials; Warmington Home's financial records would be impacted by paying out of pocket for more than six units; financing is predicated on following the business plan. Mayor Johnson inquired whether Warmington Homes has financing for the entire project, to which Mr. Leaman responded in the affirmative. Mayor Johnson inquired what would be the timeframe for the build out, to which Mr. Leaman responded twenty-four months. The Deputy City Manager - Development Services stated Warmington Homes has thirty-six months in which to pull the final permit; the project might be completed sooner than thirty-six months. Mayor Johnson inquired how many phases there are, to which Mr. Leaman responded four. Mayor Johnson stated the timeframe is aggressive. Councilmember Matarrese inquired what would happen if there is a no vote on the item. Mr. Leaman responded a no vote would have a significant impact on Warmington Homes' financial status; stated Warmington Homes does not have out of pocket cash for the project. Councilmember Matarrese inquired whether no homes would be built other than the existing models, to which Mr. Leaman responded possibly. Councilmember Tam stated that she is weighing the need to get the project moving and job creation against creating a situation that pushes the affordable housing allocation to the last unit which happens to be Alameda Point; the City is having difficulties negotiating appropriate levels of public subsidies for affordable housing; that she would feel more comfortable seeing a pro forma and understanding how Warmington Homes' bottom line would be affected; inquired when Warmington Homes would need a decision. Mr. Leaman responded time is of the essence. Mayor Johnson inquired whether Alameda Point has any subsidy for affordable housing. The Deputy City Manager - Development Services responded SunCal's pro forma includes 100% of the City's 20% set aside funds. Regular Meeting Alameda City Council June 15, 2010 | CityCouncil/2010-06-15.pdf |