pages: CityCouncil/2015-10-20.pdf, 14
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CityCouncil | 2015-10-20 | 14 | Mayor Spencer inquired that if the purchase option is part of the lease, to which the Economic Development Division Manager responded in the affirmative. Mayor Spencer stated the option to purchase is not in the title; not every lease has an option to purchase; requested that the option to purchase be in the title and made very clear. Outlined the project and plans for Buildings 9 and 91; stated there is tremendous growth in locally grown food products; two challenges are production and capital; capital and retail opportunities will be offered; companies can plug in equipment, develop product and grow; nearly 25 companies toured the space, and he is in negotiations with 80% of the companies; the plan is to have 30 to 45 companies in the project; approximately $40 million would be invested in the project: Joe Ernst, SRM Ernst. Mayor Spencer requested a breakdown on how money would be spent for each building. Mr. Ernst responded Building 91 will be approximately $9 million and the balance would be in Building 9. Mayor Spencer inquired whether $31 million would be invested in Building 9. Mr. Ernst responded in the affirmative; stated SRM Ernst brings knowledge of Alameda Point, development capability, food experience and market knowledge. Discussed having adequate facilities to help businesses scale to the next level; stated Buildings 9 and 91 will provide entrepreneurs a space to collaborate and a sense of community: Harv Singh, SRM Ernst. Stated that she would like to produce wine in Alameda; urged moving forward: Alexandra Cohn, Jeff Cohn Cellars. Urged approval of the leases with the option to buy; stated that he owns Thirsty Bear Brewery in San Francisco; that he will be leasing 20,000 square feet in Building 91; outlined what he would be doing and other aspects of the project: Ron Silberstein, California Craft Maltings. Urged approval; discussed the investment and developer: Michael McDonough, Chamber of Commerce. Mayor Spencer stated, the option to purchase was not noticed; having a visual for 707 West Tower Avenue would have been nice; a $14.5 million investment for 81,000 square feet on 4.2 acres is questionable; for 651 West Tower Avenue, 41,000 square feet on 2.2 acres with $31 million investment is $1 million per square foot, which is significantly higher. Regular Meeting Alameda City Council 14 October 20, 2015 | CityCouncil/2015-10-20.pdf |