pages: CityCouncil/2012-05-08.pdf, 13
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CityCouncil | 2012-05-08 | 13 | amount; something with less risk. Councilmember Johnson stated spending the money is risk; there is no way to avoid risk. The City Manager noted the ARRA fund balance being held for a disaster could be used over the two years of the project instead of bonds. Councilmember deHaan discussed a funding option spending $2.5 million the first year and $2.5 million the second year based on certain deliverables. Councilmember deHaan requested the motion be amended to proceed in two funding phases: the first phase would use $2.5 million from [ARRA] fund balance; the entire scope would be completed as envisioned and presented in the staff report; after one year, the City would examine the feasibility of moving forward with the other $2.5 million from [ARRA] fund balance or bonding; said structure would embark on the full scope. Councilmember Johnson agreed to amend the motion. The City Attorney noted financial advisors indicated $2 million would be the minimum bond amount that would make sense. Councilmember Tam inquired whether the bond would be taxable, to which the City Attorney responded in the affirmative. Vice Mayor Bonta stated that he is looking for a way to test the strategy and get feedback without doing the $5 million bond up front; inquired whether staff believes a test could be done on a smaller scale. The City Manager responded in the negative. Vice Mayor Bonta inquired whether $5 million is the minimum, to which the City Manager responded the Base needs to be entitled; entitlement for the whole Base is needed to allow developers to know adjacent uses. The Chief Operating Officer - Alameda Point stated having the EIR for the entire Base would allow projects to move forward; the EIR cannot be funded incrementally over five years; the EIR is a big nut that has to be cracked up front and costs over $1 million; doing the entitlements, code and addressing infrastructure allows analyses to inform each other and makes the EIR useful; developers number one question is: "is CEQA done?" because it is the single biggest risk. The City Manager stated staff is trying to present an option to bonding. In response to Councilmember Tam's inquiry, the Chief Operating Officer - Alameda Point outlined reimbursement. Special Meeting Alameda City Council 13 May 8, 2012 | CityCouncil/2012-05-08.pdf |