pages: CityCouncil/2013-09-17.pdf, 12
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CityCouncil | 2013-09-17 | 12 | numerous staff meetings. Vice Mayor Ezzy Ashcraft inquired whether the School District was informed of the proposed terms prior to the staff report being published, to which the Recreation and Parks Director responded in the affirmative. Vice Mayor Ezzy Ashcraft inquired whether District staff expressed concern over the terms, to which the Recreation and Parks Director responded in the affirmative; stated the same concerns outlined in the letter were expressed, including not being able to do a security interest, impacts to the District's bond rating and the interest rate. Vice Mayor Ezzy Ashcraft inquired whether the School District discussed other options to acquire the $1.15 million, to which the Recreation and Parks Director responded in the affirmative; stated the District has a funding option which would have a 1.5% to 2% interest rate, but does not want to pursue the option because it would impact bonding capacity. Vice Mayor Ezzy Ashcraft stated the pools need help; the City has financial issues and has to be a good steward of public funds; the proposal makes the best of a tough situation; the City cannot offer the loan for less than 4%; during the month time, the School District can look into the other funding source; that she supports moving forward with both actions; the District asked the City for the loan. Vice Mayor Ezzy Ashcraft moved adoption of the resolution. Councilmember Daysog inquired whether the pools would close if the Joint Use Agreement is not extended, to which the Recreation and Parks Director responded the Agreement expires September 21st. Councilmember Daysog inquired whether the pools would close. The Recreation and Parks Director responded the City would no longer be maintaining the pools and the School District would have to decide whether or not to keep the pools open. Councilmember Daysog stated the School District would have to backfill the loss of City funds or decide to do something else. The City Manager stated 16 months ago, the City Council directed that the Agreement not continue to be extended and a permanent solution be sought. Mayor Gilmore stated everyone agrees the pools are in disrepair; experts have indicated the pools will not be able to be fixed at some point. Councilmember Chen stated this is the last ditch effort; the City has put in an honest effort and has contributed ongoing funding; the City has a fiduciary duty to ensure funds Regular Meeting Alameda City Council 7 September 17, 2013 | CityCouncil/2013-09-17.pdf |