pages: CityCouncil/2010-07-06.pdf, 3
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CityCouncil | 2010-07-06 | 3 | (*10-329) Resolution No. 14464, "Designating a City Consultant as the Authorized Representative to Examine Certain Sales and Use Tax Records." Adopted. (*10-330) Resolution No. 14465, "Calling for a General Municipal Election to be Consolidated with the Statewide General Election to be Held in the City of Alameda on Tuesday, November 2, 2010, and Requesting the Alameda County Board of Supervisors to Permit the Registrar of Voters to Render Specified Services to the City Relating to the Conduct of Said Election." Adopted. (10-331) Ordinance No. 3018, "Approving Amendment to Master Plan MP05-01 for Grand Marina Village to Reduce the Number of Required Affordable Housing Units." Finally passed. Councilmember Tam stated at the June 15, 2010 meeting, she stated that having a pro forma would be helpful to understand how Warmington Homes' bottom line would be affected with four less affordable units. The Planning Services Manager stated that he is sorry that said information has not been included in tonight's staff report; the Warmington Homes' pro forma has not been reviewed; usually, staff does not review private project pro formas; Warmington Homes' financing is based upon 15% affordable housing; Warmington Homes has financing for the first phase; without the change to the Master Plan, Warmington Homes would not be able to continue without finding financing for remainder of the project. Councilmember Tam stated that she thought the project was a few years in the making; Warmington Homes would have had to secure financing before 2009. The Planning Services Manager stated Warmington Homes obtained financing under the assumption that the 25% to 15% citywide rollback would apply to the project. Councilmember Tam inquired whether Warmington Homes obtained financing with the expectation that Council would allow a rollback to 15%. The Planning Services Manager responded Warmington Homes thought that the project would automatically be changed with the 15% rollback; Council changed the affordable housing requirement from 25% to 15% Citywide before construction started; the City previously adopted a Master Plan which stated that the Grand Marina Project would have 25% affordable housing units. Councilmember Gilmore stated Council did not change the affordable housing requirement until December 2009; inquired when Warmington Homes applied for financing. Mike McClellan, Warmington Homes, responded Warmington Homes delayed the project until last year; stated Warmington Homes knew that Grand Marina was the only Regular Meeting Alameda City Council 3 July 6, 2010 | CityCouncil/2010-07-06.pdf |