pages: CityCouncil/2014-09-16.pdf, 6
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CityCouncil | 2014-09-16 | 6 | strong and there were more residential than commercial responses; housing is a little more definitive in terms of the market demand; San Francisco has a higher commercial demand; Harbor Bay has more job intensive uses. Councilmember Chen inquired whether the potential developers would parcel off 82 acres into sub groups. The Chief Operating Officer - Alameda Point responded both developers are proposing a master developer approach to development. Councilmember Chen stated receiving only three qualified submissions through the RFQ is disappointing. The Chief Operating Officer - Alameda Point stated staff would not have to come to Council if the developers were not qualified; staff did not feel pressured to go forward just to provide Council with a recommendation. The City Manager stated different values have been articulated by each Councilmember; the most important issue for staff is fiscal neutrality; if the goal is to develop Alameda Point as quickly as possible, the market could fund that right now; Site B being purely residential does not serve Alameda's needs and does not solve revenue generation over time; there has to be a balance; if a quality proposal is not available, the City would be better served by not developing Alameda Point than doing it wrong. In response to Vice Mayor Ezzy Ashcraft's inquiry regarding land banking, the Chief Operating Officer - Alameda Point stated the term sheet will require a phasing and milestone schedule in the DDA; the term sheet will be attached to the ENA indicating that the City does not want the developer to land bank. Vice Mayor Ezzy Ashcraft requested a definition of land banking. The Chief Operating Officer - Alameda Point stated land banking is when a developer invests in the land, but holds the land without developing it; having a developer hold land for a public entity does not make financial sense, as the City could hold the land for no cost. Vice Mayor Ezzy Ashcraft stated the two finalists have a good track record; inquired whether it is possible that both developers would end up working on Site B, to which the Chief Operating Officer - Alameda Point responded it is too early to tell. The City Manager noted having both developers at Site B is a possible outcome, but not probable. Regular Meeting Alameda City Council September 16, 2014 | CityCouncil/2014-09-16.pdf |