pages: CityCouncil/2010-06-24.pdf, 4
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CityCouncil | 2010-06-24 | 4 | Councilmember/Authority Member Tam inquired whether fees would come out of bond refunding, not the General Fund, to which Mr. Holmstedt responded in the affirmative. The Interim City Manager/Executive Director stated dirt bonds are pledged by land collateral, not the General Fund; refunding would not help the General Fund but would help taxpayers. Mr. Holmstedt stated Harbor Bay homeowners should expect a savings between $417 and $761; Marina Village business owners would see taxes reduced by approximately 10%. Councilmember/Authority Member Gilmore inquired what is the difference between refinancing and refunding. Mr. Holmstedt responded nothing; stated a lot of time was spent on the issue last week; that he apologizes for having to bring the transaction back; the structure is superior; ratings have been confirmed; the transaction is as good as possible. Councilmember/Authority Member Matarrese moved adoption of the resolutions. Vice Mayor/Authority Member deHaan seconded the motion, which carried by the following voice vote: Ayes: Councilmembers/Authority Members deHaan, Gilmore, Matarrese, and Mayor/Chair Johnson - 4. Abstentions: Councilmember/Authority Member Tam - 1. CITY MANAGER/EXECUTIVE DIRECTOR COMMUNICATION (10-49 CIC) Redevelopment Impacts on Alameda Unified School District David Doezema, Keyser Marston Associates, gave a Power Point presentation. Commissioner deHaan stated CIC payments to Alameda Unified School District (AUSD) total $1.8 million for capital and $3 million over ten years; inquired whether there are limitations on how property tax revenue can be spent. Mr. Doezema responded capital funds need to be spent on buildings and improvements; housing funds need to be spent on housing consistent with various redevelopment law requirements; 40% needs to be spent for very low income housing and the balance needs to be spent on moderate income housing. Commissioner deHaan inquired whether the split is through an agreement or State law. Mr. Doezema responded through an agreement; stated most of the money included in the $5 million is paid pursuant to the Business and Waterfront Improvement Project Special Joint Meeting Alameda City Council, Alameda Public Financing Authority, Alameda Ruse 4 and Redevelopment Authority, and Community Improvement Commission June 24, 2010 | CityCouncil/2010-06-24.pdf |