pages: CityCouncil/2017-10-03.pdf, 8
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CityCouncil | 2017-10-03 | 8 | The Base Reuse Director responded the previous plan was to have developers pay for the infrastructure as they came in to build the development; stated in the adaptive reuse area, the idea is to take the proceeds from the building sales and keep it there until there are sufficient funds to design, engineer and construct major capital improvements. Vice Mayor Vella inquired whether the plan is the take funds from other City projects, meaning deferred maintenance or deferred projects. The City Manager responded in the negative; stated staff is looking at different revenue. Vice Mayor Vella inquired whether one of the options is a bond, to which the City Manager responded in the affirmative; stated there are a number of other revenue sources to review. Vice Mayor Vella inquired whether the focus is to put all the money into Alameda Point. The City Manager responded a portion of the money would go to Alameda Point. Vice Mayor Vella inquired where money would be borrowed from. The City Manager responded if the Council borrows from the General Fund, once a building sells, the money would be returned to the General Fund. Vice Mayor Vella inquired if there is a timeline for when the buildings could sell. The Base Reuse Director responded staff can make projections, but the funds are not available until the building closes. Vice Mayor Vella inquired whether there is a plan in place with no funding. The Base Reuse Director responded staff would like Council's input to explore other options; stated there is no new plan in place. Councilmember Oddie inquired whether the City has to wait until properties sell to receive any cash, to which the Base Reuse Director responded in the affirmative. Mayor Spencer inquired whether the entire City would be responsible for any repayment, not just a portion of the City. The City Manager responded Council could give direction on said policy question. Mayor Spencer inquired whether the City is the legally responsible party. The Base Reuse Director responded there is a way to structure the financing; stated staff would work with the City Attorney's office. Regular Meeting Alameda City Council 6 October 3, 2017 | CityCouncil/2017-10-03.pdf |