pages: CityCouncil/2012-03-07.pdf, 2
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CityCouncil | 2012-03-07 | 2 | Vice Mayor Bonta seconded the motion, which carried by the unanimous voice vote - 5. AGENDA ITEMS (12-111) Mayor's State of the City Address. The Mayor gave her State of the City Address. Discussed the Sunshine Ordinance and thanked the City for its commitment to openness in government: Jeff Cambra, League of Women Voters (LWV) President, submitted information. Thanked the Council for doing the job of making difficult decision: Helen Sause, Alameda. (12-112) Resolution No. 14660, "Calling an Election in the City of Alameda on June 5, 2012 for the Purpose of Submitting to the Electors a Ballot Measure Seeking Enactment of a One-Half of One Percent Special Transactions and Use (Sales) Tax, Establishing the Policies and Procedures for Such an Election and Requesting that the County of Alameda Conduct Such an Election." Adopted. The City Manager gave a brief presentation. Councilmember Johnson stated that she likes the proposed uses; she would like to consider including an all-weather sports fields and lights for a baseball field. The City Manager stated the resolution would permit such an expenditure; anything the Council wishes to add needs to be voted upon to allow the public to understand what the City will address and hold the City accountable. Councilmember deHaan stated the measure is broken down into various projects and segments; requested further explanation of the bond and how the funding would be distributed. The City Manager responded staff estimates the sales tax would generate $1.86 million per year; although the amount should rise with inflation, calculations were based on the $1.86 million; the City can issue a bond; $1 million per year would go to debt service to pay the bond; the bond would yield between $15 and $16 million and would have a large coverage of 175%, which would give the City a better bond rating and keep rates down; if the City were going forward today, the quote was 4.1% [interest rate]; an estimate of 4.5% was included based on the time it would take to get to the market; numbers were not included in the resolution because the City only has estimates; for example, the $3.5 million estimate for the Carnegie is based on a 2007 estimate when construction costs were higher and $4 million was estimated for a 50-meter swimming pool based on projects in other communities; the priorities are: 1) building Fire Station 3 Special Meeting Alameda City Council 2 March 7, 2012 | CityCouncil/2012-03-07.pdf |