pages: CityCouncil/2012-05-08.pdf, 12
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2012-05-08 | 12 | projects in response to opportunity makes sense. Councilmember Johnson inquired whether Vice Mayor Bonta would agree to any change that would allow moving forward tonight. Councilmember deHaan expressed concern with marketing existing buildings. The City Manager noted bonds would not come back until September; inquired whether the Council would consider being its own lender; stated if bonds and debt is the hold up, $5 million from the [ARRA] fund balance could be used and bonds could be issued in the event of a disaster. Councilmember Tam stated the problem is what the debt pays for; that she would like money spent on operations; going into the reserves to pay for planning does not get a water pipe or gas main; that she would be open to going into debt to pay for infrastructure. Councilmember Johnson stated developers would pay for infrastructure. The City Manager stated staff has a different view about what entitlement would do for the land sale price. The Chief Operating Office - Alameda Point noted having developers pay for entitlements would require a 25% return instead of paying a 61/2% interest rate. Councilmember Tam stated that she is not convinced that the entitlement risk would be eliminated through the proposed process; zoned projects have huge delays. The Chief Operating Officer - Alameda Point stated doing nothing does not mitigate the risk. Councilmember Tam stated no one is proposing not doing anything. The Chief Operating Officer - Alameda Point stated not entitling the property makes development less likely. Councilmember Johnson questioned what the alternatives are; stated the City would not be talking to Target without entitlements at Alameda Landing. Vice Mayor Bonta stated that he is not willing to support the proposal presented, but would support some version; that he would be more likely to support a scaled down version. The Chief Operating Officer - Alameda Point inquired whether a scaled down version would involve spending less money, to which Vice Mayor Bonta responded in the affirmative; stated hopefully, it would involve not financing or financing to a lesser Special Meeting Alameda City Council 12 May 8, 2012 | CityCouncil/2012-05-08.pdf |