pages: CityCouncil/2017-01-17.pdf, 5
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CityCouncil | 2017-01-17 | 5 | Councilmember Matarrese requested the Trammell Crow Residential letter be reviewed. The Base Reuse Director showed the letter and explained the financing infrastructure. Councilmember Matarrese inquired whether there has been a request for the terms of the agreement other than an extension to April 11, 2017. The Base Reuse Director responded in the negative; stated there have not been any additional requests in terms of finances, the project, or to changing any amounts or contributions to the City. Mayor Spencer inquired any other Councilmembers had any questions, being none, she inquired whether the infrastructure loan was coming from UDR, to which the Base Reuse Director responded in the affirmative; stated the loan agreement was executed today. In response to Mayor Spencer's inquiry regarding Blocks 6, 7, 9 and 11, the Base Reuse Director stated Blocks 6 and 7 have purchase and sale agreements and will be sold to a townhome developer; the purchase and sale agreement for Block 9 has been signed today and is apartment-type housing. Mayor Spencer inquired whether Block 9 is the building which has the condo overlay. Councilmember Ezzy Ashcraft inquired whether Council was here tonight to make modifications to plans, or simply extend the date. Mayor Spencer called a point of order, re-stated her inquiry regarding the condo overlay. The Base Reuse Director responded as part of the mapping process, Block 6 and 7 have condo overlays, and Blocks 9 and 11 will be apartments. Mayor Spencer inquired what the status is of Block 9, 11, and 1A. The Base Reuse Director responded Block 11 will be developed by TCR in concert with UDR; stated it will be a participating mortgage at this point; TCR will be providing a commitment letter consistent with the DDA for financing of Block 1A. In response to Mayor Spencer's inquiry regarding the deficiencies, the Base Reuse Director stated TCR has significant resources and has offered to provide a commitment letter for the financing of the project; UDR is the primary major capital investor on the project; staff felt it was in the City's interest to have TCR as an additional financing entity to see evidence of their commitment to the project before transferring the land. Mayor Spencer inquired what is the incentive for APP to meet the next deadline. The Base Reuse Director responded if the next deadline is not met, APP would be in default and the City would pursue remedies under the DDA. Regular Meeting Alameda City Council January 17, 2017 | CityCouncil/2017-01-17.pdf |