pages: CityCouncil/2015-05-19.pdf, 18
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CityCouncil | 2015-05-19 | 18 | to questions. James Edison, Willdan Financial Services, responded to questions on the transfer tax. The Chief Operating Officer responded to additional questions. Mayor Spencer stated she would like the condominium rent chart to include household size and square foot size. Councilmember Ezzy Ashcraft inquired why street related funds are negatively impacted if the developer is paying so much into backbone infrastructure costs. The Chief Operating Officer - Alameda Point responded there are no dedicated street revenues, thus the cost to maintain roads and sidewalks creates an impact. Councilmember Daysog inquired if the net impact of distributing $300,000 over 800 units is $375.00 per residence, to which the Chief Operating Officer - Alameda Point responded in the affirmative. The Chief Operating Officer - Alameda Point continued the presentation. Councilmember Ezzy Ashcraft inquired how many years the $900,000 deficit is expected to last, to which the Chief Operating Officer - Alameda Point responded the assumption is the deficit will last from buildout going forward; more commercial, retail, and business-to-business users are factors which influence the deficit; assumptions are conservative. In response to Councilmember Ezzy Ashcraft's inquiry, the Chief Operating Officer - Alameda Point stated the deficit is paid from a special tax; every development will pay a fair share of the $900,000 deficit; once development is complete, there will be sufficient funds to cover the deficit without any impact; the hope is the development will be successful; using conservative protections going forward is key. Councilmember Oddie inquired whether the special tax revenue has already been assigned to expenditures. The Chief Operating Officer - Alameda Point responded there will be a gradual increase in in revenues and expenditures over time; property transfer tax revenues will be realized when the first townhomes are sold; expenditures increase as calls for service increase. Councilmember Oddie inquired whether the revenue would go to the General Fund or be segregated to base reuse, to which the Chief Operating Officer - Alameda Point responded revenues would go to the General Fund. The Chief Operating Officer - Alameda Point continued the presentation. Regular Meeting Alameda City Council 17 May 19, 2015 | CityCouncil/2015-05-19.pdf |