pages: CityCouncil/2011-02-15.pdf, 17
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2011-02-15 | 17 | Tom Marshall and Sean Whiskeman, Catellus Development Corporation, gave a Power Point presentation. Commissioner Tam stated the schedule is aggressive and inquired whether the new owners have committed funding. Mr. Marshall responded a financial analysis has been done as part of the asset acquisition; stated TPG has an interest in developing Alameda Landing; standard things have to happen before going forward; the Governor's pursuit of redevelopment funds needs to be understood; lining up Target and additional retailers and bringing conversations with homebuilders to fruition are important; close to $20 million has already been spent, including Stargell improvements; TPG would be the majority owner, not an investor, and would be prudent underwriters. Commissioner Johnson inquired how the project would be impacted if the Governor's proposal goes forward, to which Mr. Marshall responded that he does not know whether grandfathering in the project would be possible. Commissioner Johnson stated existing debt could be grandfathered, but no future debt would be issued. Mr. Marshall stated $20 million has been spent based upon the assumption that redevelopment funds would be available; there is a contract [DDA] to that effect, however, the City has been careful not obligate itself to something it does not have; other cities and developers are in the same position and will fight to avoid it [elimination of redevelopment funding]; the loss would not be insurmountable. The Deputy City Manager - Development Services stated the City considers that it has an obligation that constitutes debt under redevelopment law. The Acting City Attorney stated an action was taken several weeks ago to protect everything locked in by contract. Commissioner Johnson inquired when are the next milestones under the current DDA. Mr. Marshall responded an infrastructure commitment would be needed by the end of 2012; stated the DDA includes a first phase or an alternative first phase, which is a minimum of 14 acres; the intent is to comply with the milestone. Chair Gilmore inquired whether Target would be opening in 2013, to which Mr. Marshall responded the current schedule is working towards a 2013 opening. Chair Gilmore inquired whether infrastructure for the 14 acres would have to be done well before [Target opens], to which Mr. Marshall responded in the affirmative. Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority, and 2 Community Improvement Commission February 15, 2001 | CityCouncil/2011-02-15.pdf |