pages: CityCouncil/2017-12-19.pdf, 15
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CityCouncil | 2017-12-19 | 15 | Mr. O'Hara responded real estate is a risky business; stated there will be a downturn in 15 years; there are a lot of costs for a developer to take on the project. Councilmember Oddie inquired whether the developer is investing in the land without a proforma. Mr. O'Hara responded that proformas are subject to assumptions; stated the City is still receiving an increase in value. Councilmember Oddie expressed concern over the Del Monte project taking years to even begin construction. Mr. O'Hara stated the building is very old; the developer is close to permit ready; there have been rampant cost increases. Councilmember Matarrese inquired whether Encinal Terminals would be subject to the same pressures as the Del Monte building. Mr. O'Hara responded the pressures are different; stated construction costs increase all the time. Councilmember Matarrese inquired whether the Bay Conservation and Development Commission (BCDC) engineering approval is yet to be had. Mr. O'Hara responded the subsequent approval is a BCDC permit; the developer is currently working with BCDC. Vice Mayor Vella inquired what not doing the swap does to the accessibility of the parcel in terms of transit. In response, Mr. O'Hara reviewed areas of the map that would allow access to the shoreline. Vice Mayor Vella inquired if the plan would change if the swap does not go through, relative to shoreline access and usage. Mr. O'Hara responded possibly. Vice Mayor Vella inquired whether there would still be a marina. Mr. O'Hara responded in such a scenario, the land would not be City owned, it would be developer owned; stated the developer would envision the marina would stay. Mayor Spencer inquired how the City would guarantee that other parts of the Island would not pay for extra services such as Police and Fire for the Encinal Terminal area. Regular Meeting Alameda City Council 13 December 19, 2017 | CityCouncil/2017-12-19.pdf |