pages: CityCouncil/2014-09-16.pdf, 4
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CityCouncil | 2014-09-16 | 4 | Councilmember Daysog seconded the motion, which carried by unanimous voice vote - 5. The City Clerk administered the Oath of Office and presented Certificates of Appointment to Ms. Bellows, Mr. Bertken and Mr. Vargas. (14-393) Recommendation to Approve Finalists for an Exclusive Negotiating Agreement (ENA) to Develop Site B at Alameda Point. The Chief Operating Officer - Alameda Point gave a presentation. Councilmember Daysog stated the financial teams need to be reviewed; private equity investors might have certain expectations of return rates which could affect what the City wants; during the vetting process, staff should assess whether the financial teams really understand the project. Mayor Gilmore who the City would be working with is known from the start if the developer is self-funding. The Chief Operating Officer - Alameda Point stated both sites have one developer that would be self-funding and one that needs to seek outside capital; having choices is good; the ENA does not allow transfers or assignments; the developers should have sufficient funds to fund the cost of the ENA period and have access to the capital to fund the project; during the ENA period, the City would be entering into agreement with a developer and their investors as a team. Vice Mayor Ezzy Ashcraft stated that she is excited to be moving forward and would like to focus on the corporate user; the project needs to attract high level jobs for employees to be able to support family and live in the Bay Area; Alameda should set high standards and not settle; inquired what happens if the City does not feel any proposals are a fit for Alameda. The Chief Operating Officer - Alameda Point responded the ENA is structured with no obligation to approve the Development Plan or the Disposition and Development Agreement (DDA); stated staff would work toward a mutually agreeable solution, but the Council has the ultimate decision to approve or not to approve a proposal. Regular Meeting Alameda City Council September 16, 2014 | CityCouncil/2014-09-16.pdf |