pages: CityCouncil/2012-05-08.pdf, 5
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CityCouncil | 2012-05-08 | 5 | under current market conditions; that she would like to understand how said conclusion was reached; inquired whether the bonds are being issued for the first pad. The Chief Operating Officer - Alameda Point stated the bonding is for a California Environmental Quality Act (CEQA) Environmental Impact Report (EIR) for the entire Base; the project description might change over time and require supplemental environmental review; the initial EIR would clear most of the projects for the entire property and allow all areas to move forward; a Master Plan and form based code is being contemplated for the 80 acre residential project and the town center; hopefully, the planning tool will last 20 to 30 years. Councilmember Tam inquired whether the City would have a CEQA document for the entire Base Reuse Plan that is deemed not feasible under current market conditions. The Chief Operating Officer - Alameda Point responded the document would clear development up to 1,425 residential units and 51/2 million square feet of commercial. Mayor Gilmore stated that she has a problem with going into debt to fund entitlements for a project that is not feasible under current market conditions; Alameda Landing is entitled and is not moving forward. Councilmember Tam stated there has to be some hope of return and feasibility; requested an explanation of the [staff report] Exhibit 5 finding that the Base Reuse Plan is not feasible. The City Manager responded the City's infrastructure numbers are vastly inflated; stated professionals need to be brought in to review the plan and determine correct figures; infrastructure includes all mitigations and promises made to the community, some of which will never materialize; 79% of the net is not a fixed number; there is a lot of latitude; in the event of stress, positions could be eliminated and the net would be lower. The Chief Operating Officer - Alameda Point stated there are discretionary items in the budget, which raise the debt coverage ratio to anywhere from 7.6 to 8.3; said ratios are well above the amount required for the bond. Mayor Gilmore stated maintenance is part of what would be subordinated to the debt payment; tenants complain about maintenance; that she would not want to cut maintenance. The Chief Operating Officer - Alameda Point stated the major maintenance budget of approximately $1.8 million is off the table and would be paid before debt service; other extra, enhanced maintenance budgets are subsequent to the debt service payment. Councilmember Tam requested an explanation of the assumptions in the Base Reuse Plan; inquired whether the plan would be feasible under any market conditions; further inquired about infrastructure costs; stated that she is getting more risk adverse since Special Meeting Alameda City Council 5 May 8, 2012 | CityCouncil/2012-05-08.pdf |