pages: CityCouncil/2016-03-15.pdf, 9
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CityCouncil | 2016-03-15 | 9 | Mayor Spencer stated the calculation is not the money that is being put in during the lease, to which Mr. Anderson responded in the affirmative. Mayor Spencer inquired why the property is not currently leased; questioned why the City is doing an option to purchase. Mr. Anderson responded the building is not leasable in its current condition. Mayor Spencer inquired whether a tenant could lease the building and make the improvements. Mr. Anderson responded it is possible, stated the building was marketed to everyone possible; a lessee's focus is typically to run their business, not to take on a renovation before they can even start their business. Mayor Spencer inquired whether the City had tried to lease the building. The Assistant Community Development Director responded the building has been on the market since the Base closed without any bites because of the investment required; buildings now have the purchase options to allow tenants to get the money to make improvements; tenants want to own the buildings; ownership is used to leverage financing; in order to move difficult buildings, people want to own them to get financing; the building is in the adaptive reuse zoning area, which gives the future end user flexibility; the old buildings need a lot of money to restore them; it is imperative to offer the opportunity to own to allow people to get money and invest. Mayor Spencer inquired whether in the scenario the City currently owns the property and is now providing an option to purchase, to which the Assistant Community Development Director responded in the affirmative. Councilmember Ezzy Ashcraft inquired whether the City has not had the money to rehabilitate the building. The Assistant Community Development Director responded in the affirmative. Councilmember Ezzy Ashcraft inquired whether the buyer would pay into the master infrastructure program if the option to purchase was exercised. The Assistant Community Development Director responded the City set the price of the building to cover the fair share of infrastructure cost; the price has gone up to capture the infrastructure investment on waterfront properties and buildings that are desirable; the money goes into an infrastructure fund; the owner can use the money to make offsite improvements that the City would have to make anyway. Mr. Anderson responded the owner needs to use the money in the first 24 months after Regular Meeting Alameda City Council 8 March 15, 2016 | CityCouncil/2016-03-15.pdf |