pages: CityCouncil/2017-07-05.pdf, 20
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CityCouncil | 2017-07-05 | 20 | and infrastructure closer to the Enterprise District. Mayor Spencer stated the presentation is very small; she would like the public to be able to see the slide; requested clarification regarding the deal with the U.S. Navy requiring focus on jobs, not housing. The Base Reuse Director responded there is a 1,425 housing unit cap at Alameda Point. Mayor Spencer inquired if 800 units of housing are built in Phases 1 and 2, and not Phase 3, would the City need to consider additional housing units in order to receive the commercial and the $4 million for Phase 3. The Base Reused Director responded staff received a proforma from the developer showing is commercial land values will be higher from the benefits of Phase 1. In response to Mayor Spencer's inquiry about when commercial rates were higher, the Base Reuse Director stated commercial rates have gone up considerably in recent years. Mayor Spencer stated commercial rates have never been higher; inquired what is the risk; stated the commercial phase only requires a stronger market than the current market. The Base Reuse Director responded there will be higher value commercial uses due to the housing and amenities being provided in Phase 1. Councilmember Ezzy Ashcraft inquired whether the estimates are on the conservative side. The Base Reuse Director responded the Phase 3 commercial values are more on the aggressive side, not the conservative side; a financial consultant has reviewed the estimates. Councilmember Oddie inquired whether Council could hear from the developer before the speakers. Bruce Dorfman, Alameda Point Partners (APP), gave a brief presentation. Mayor Spencer inquired whether the rent of the proposed apartments are guaranteed. Mr. Dorfman responded in the negative. Councilmember Ezzy Ashcraft inquired what the developer can do regarding the rent costs. Regular Meeting Alameda City Council 19 July 5, 2017 | CityCouncil/2017-07-05.pdf |