pages: CityCouncil/2015-05-19.pdf, 15
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CityCouncil | 2015-05-19 | 15 | Director anticipates would take 12 months; the interest will be capitalized until the construction is complete; Ibank calculated 12 months with an additional 6 months. Councilmember Daysog inquired whether the capitalized interest is from Ibank, to which the Finance Director responded in the affirmative. Mayor Spencer inquired whether a consultant was hired to find funding as opposed to shopping banks, to which the Interim City Manager responded in the affirmative; stated the City's financial advisor found the loan. In response to Mayor Spencer's inquiry regarding budget approval, the Interim City Manager stated the project was incorporated in the 2- and 5-year projections. Mayor Spencer inquired why the item is not coming to Council at the same time as the budget approval. The Interim City Manager responded the 60-day hold on bids ends this week. Councilmember Daysog stated the hodgepodge nature of different revenue sources is because Measure C did not pass. Mayor Spencer stated the EOC and Fire Station 3 are separate; the argument is having an EOC is critical and the Fire Station does not have funding sources and would have to come from the General Fund. The Interim City Manager stated the EOC would also be paid from the General Fund. Mayor Spencer stated the City has not committed to the loan; Council is being asked to make two separate financial decisions; questioned whether it is appropriate to put the Fire Station ahead of other things in the budget; inquired whether there is a way to go forward with the EOC and hold off on the Fire Station until the budget process is complete. The Interim City Manager responded in the negative; stated the projects were bid together; the projects would have to go out to bid again to separate them. Mayor Spencer stated Fire Station 3 has not been discussed; reports from 2009 and 2007 indicate fire stations need improvement but there is no analysis; now it seems like the item is moving forward without further discussion or analysis. Vice Mayor Matarrese inquired whether COPPS refinancing bonds could be used for Fire Station 3, to which the Interim City Manager responded in the affirmative. Vice Mayor Matarrese stated the future of development has to be considered alongside Fire Station 3 improvements; there could be 6,000 to 8,000 more residents with the multi-family overlay in the Northern Waterfront. Regular Meeting Alameda City Council 14 May 19, 2015 | CityCouncil/2015-05-19.pdf |