pages: CityCouncil/2011-02-15.pdf, 18
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CityCouncil | 2011-02-15 | 18 | In response to Commissioner Johnson's inquiry regarding the timeline in the agreement, Mr. Marshall stated Catellus is proposing to abide by the timelines in the DDA; operating under a tighter timeframe would be difficult; the schedule has been discussed with Target; adequate contingency is needed for issues that might arise. Commissioner Johnson stated the community has been hearing about Target for some time; the term sheet was negotiated a couple of years ago; inquired whether there is anything firmer now. Mr. Marshall responded Catellus has four deals with Target; stated Target has set priorities and has slotted Alameda Landing for 2013; ground is being broken for a Target in Fremont, which has a more pressing need; Target calls the shots; Catellus is not in a position to push the schedule because of the economic environment; new ownership and an improved economic environment allow Catellus to better project the schedule; however, the Target project is not iron clad and cannot be guaranteed. In response to Commissioner Johnson's inquiry regarding when the project would start, Mr. Marshall stated demolition would have to start soon. Commissioner Johnson stated Catellus would have to move quickly to meet the milestone with or without Target. Mr. Marshall stated quite a few decisions have to be made to commit to the process; Target is an important piece; Catellus has its work cut out to deliver on schedule. Commissioner Johnson stated that she is disappointed to hear that the project was relegated to a non-core asset status [under ProLogis; inquired how and when the status occurred and how the City can ensure it does not happen again. Mr. Marshall responded ProLogis never indicated the project would not go forward; stated the point is that Alameda Landing would be the centerpiece going forward [under TPG]; the project is reintroducing the Catellus brand. Commissioner deHaan inquired whether the proximity of the Emeryville Target would impact Alameda. Mr. Whiskeman responded Target took over the old Home Depot Expo in Emeryville; stated the store would open March 6th and is in an area that is massively underserved. Commissioner deHaan stated milestones have been extended; the City put up $2 million to remove the hospital; inquired how the City would be reimbursed. The Deputy City Manager - Development Services responded staff has discussed the Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority, and 3 Community Improvement Commission February 15, 2001 | CityCouncil/2011-02-15.pdf |