pages: CityCouncil/2017-07-05.pdf, 21
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CityCouncil | 2017-07-05 | 21 | Mr. Dorfman responded the rents are set at levels which cover 100% of operating costs, principle interest on bonds and a reserve; the rental rates have been achieved before. Mayor Spencer requested clarification about the developer not guaranteeing rental rates. Mr. Dorfman stated there is no guarantee; rates are dependent on the market; the developer lays a foundation that allows for success. Mayor Spencer inquired whether the developer is guaranteeing Phase 3 will be built. Mr. Dorfman responded there is no guarantee. Councilmember Ezzy Ashcraft inquired whether the developer has built the same types of projects in other jurisdictions and where. Mr. Dorfman responded in the affirmative; stated San Mateo, Redwood City and Santa Clara. Councilmember Ezzy Ashcraft inquired whether the projects are completed and up and running. Mr. Dorfman responded in the affirmative; stated there is a track record. Councilmember Ezzy Ashcraft inquired whether the project with AUSD is similar to the ones built in San Mateo, Redwood City and Santa Clara. Mr. Dorfman responded the AUSD project is better because they can control the land and the infrastructure through the current phasing of the project; stated the infrastructure costs will be provided by the developer. Councilmember Oddie inquired what the occupancy rate is for previous projects the developer has done for teacher housing; what is the plan if all the units are not rented by teachers. Mr. Dorfman responded the vacancy has been virtually zero because the units are very under market; stated the infrastructure is important for the Main Street neighborhood to move forward; the project retains the commercial square footage; if the project does not move forward, the City foregoes the new ferry, 200 affordable housing units, thousands of local and high paying construction jobs, all the parks that are part of the plan, the revitalization of Site A, a $500,000 sports complex payments and 600 units of market rate product. Councilmember Oddie inquired whether the financing will be achieved. Regular Meeting Alameda City Council 20 July 5, 2017 | CityCouncil/2017-07-05.pdf |