pages: CityCouncil/2012-05-08.pdf, 14
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CityCouncil | 2012-05-08 | 14 | In response to Vice Mayor Bonta's and Councilmember Tam's inquiries, the Planning Services Manager provided examples of prior EIRs being used for projects; stated sometimes supplemental mini studies are required; having the EIR in place is huge; doing it half way is hard; it either has to be done or not done; infrastructure for the whole Base should be known for the first phase to ensure it can be extended and options are not cut off; scaling back the land use side could be done, but does not save much money. The Chief Operating Officer - Alameda Point stated staff discussed the strategy with a number of developers; Mission Bay has used its EIR for over ten years; the project did not pencil out at the beginning. Mayor Gilmore inquired whether the City or developers took the risk at Mission Bay. The Chief Operating Officer - Alameda Point responded the developer; stated the City could issue an RFP and see if there are responses; however, a 25% return would be needed. The City Manager stated staff is proposing bonding at 6.5%; a developer would want a 25% return for assuming the risk, which will be reflected in the amount of sharing the City would have to do for infrastructure and other costs; developers want a much higher premium. Councilmember Johnson noted the City would also have more control. Councilmember Tam stated the City owns the land; Mission Bay had to build multi- family housing, which cannot be done at Alameda Point under Measure A. The Chief Operating Officer - Alameda Point stated the constraints do not change if the property is not entitled. Councilmember Tam stated staff is presenting entitlement as the only path. The City Manager stated other paths include going out with an RFP for the Base or leasing in the adaptive reuse area and attempting to draw projects; entitlement issues will always exist. In response to Councilmember Tam's request, the City Clerk restated the motion. The City Manager stated if the strategy is turned down, staff would focus on leasing and return in one year. Vice Mayor Bonta stated that he wants market feedback to show the strategy works. The City Manager stated the strategy comes from successful developers; testing the Special Meeting Alameda City Council 14 May 8, 2012 | CityCouncil/2012-05-08.pdf |