pages: CityCouncil/2012-07-24.pdf, 5
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2012-07-24 | 5 | promise through the RFP and negotiations with the operator to come up with $1 million; staff could combine various funds to develop a funding source that would be paid back; the funding sources could be paid back very quickly depending on what Greenway can do with the Golf Course; staff has great faith that Greenway will make money and pay back the funds. Mayor Gilmore stated that she has a problem with money coming out of the General Fund and has less of a problem using Recreation funds to pay for golf; expressed concern that the Athletic Trust Fund might not be able to pay the entire amount. The Assistant City Manager stated she would review the Athletic Trust Fund and look into the possibility of using a combination of funds. The City Manager noted the City has three years to decide and can look into: 1) other funds, like the Athletic Trust Fund, 2) borrowing the balance, or 3) negotiating something else, like further revenue concessions; stated staff thought using the General Fund reserve was the most prudent approach because interest would not have to be paid and the [20%] reserve would be maintained. Councilmember Johnson inquired why the City should pay the urban runoff fee. The City Manager responded the Golf Course remains the City's asset; stated Greenway is making improvements to the asset; the Golf Course is an urban runoff asset; the urban runoff is going onto the property; Greenway would build a new driving range and should not have to pay the debt service from the driving range the City built; the most the advance would be is $440,000; the [Greenway] improvements would have cost the City about $6 million; that he understands the Council does not want to use General Fund reserves; staff could make suggestions on advancing the money from another source at a later point. Mayor Gilmore stated staff has done an excellent job coming up with the Lease, which is complex and was negotiated in a relatively short period of time; the source of [advancing] funds is concerning; that she would be okay with moving forward on the Lease with the understanding that another source of funds would be used. The City Manager stated staff is comfortable and could do so. The Assistant City Manager stated approval tonight would not lock in any particular funding source; Council would just be saying the Lease is good and the City will put forth $1 million estimated to be due in the third year; the timing may or may not be in the third year depending on how quickly Greenway completes Phase 1 renovations; staff would come up with options and find another source before any decisions are made on the $440,000. The City Manager stated the Lease does not commit to the source of the $1 million. Regular Meeting Alameda City Council 5 July 24, 2012 | CityCouncil/2012-07-24.pdf |