pages: CityCouncil/2017-07-05.pdf, 17
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CityCouncil | 2017-07-05 | 17 | when the infrastructure is complete. The Base Reuse Director responded the money is credited when the developer finishes 50% of the infrastructure. Mayor Spencer inquired whether the City would not receive new money; and whether money would be paid early and credited when the infrastructure is done. The Base Reuse Director responded $150,000 pays for the City's transaction costs. Mayor Spencer stated the money is to offset costs that the City is bearing. Vice Mayor Vella inquired what are the cost and timing of the infrastructure. The Base Reuse Director responded the cost is approximately $43 million for infrastructure; the total cost for Phase 1 is $80 million; the timing is the developer has to start construction on infrastructure within 30 days of close. Vice Mayor Vella inquired whether there are any infrastructure costs that the City will be responsible for in the event that the project does not go through. The Base Reuse responded in the negative; stated there are performance bonds if the developer defaults. Mayor Spencer inquired if the performance bonds are per phase. The Base Reuse responded in the affirmative. Mayor Spencer inquired whether Phase 1 and Phase 2 could be built with the 800 units of housing and there is no guarantee Phase 3 would be built. The Base Reuse responded in the affirmative; stated the developer could not meet the requirements for Phase 3; continued the presentation. Mayor Spencer inquired if Phase 3 is not built, how would the City receive the $4 million. The Base Reuse responded if the developer defaults on Phase 3, the City will not receive the infrastructure. Mayor Spencer inquired whether the City could lose 80% of the money under the new proposal. The Base Reuse responded in the affirmative; continued the presentation. Mayor Spencer inquired what is the total number of market rate housing units for Phase Regular Meeting Alameda City Council 16 July 5, 2017 | CityCouncil/2017-07-05.pdf |