pages: CityCouncil/2018-03-06.pdf, 11
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CityCouncil | 2018-03-06 | 11 | The Base Reuse Director responded Eden has not defaulted and has met all obligations under the project. Mayor Spencer inquired whether APP would not have to ask for a third amendment if Eden has 100% of the commitments, to which the Base Reuse Director responded in the affirmative. Mayor Spencer inquired whether the metering ensures that the affordable housing would be built. The Base Reuse Director responded needs have shifted; stated the needs are for the infrastructure. Mayor Spencer stated the community needs affordable housing; inquired whether there is a way to require the affordable housing be funded prior to the blocks being flipped. The Base Reuse Director responded the recommendation from staff is the best way to get the affordable housing built. Mayor Spencer inquired whether there is a way to guarantee the funding for the affordable housing. The City Manager responded a number of items can be subtracted out of the $56 million; stated the backbone infrastructure is as important as the funding to make the project work. Mayor Spencer stated $10 million going to the ferry is being put in front of the affordable housing. The City Manager responded the $10 million is required to receive some of the affordable housing funding; stated a criteria to receive affordable housing funding is the project has to be close to transit. Mayor Spencer inquired whether there is a way to guarantee that the affordable housing is built. The City Manager responded staff and the developer have indicated there is no way to guarantee the affordable housing. Mayor Spencer inquired what the value is of the 600 market rate homes. The City Manager responded the infrastructure and construction costs are figured into the process. The Base Reuse Director stated approximately $460 million. Regular Meeting Alameda City Council 11 March 6, 2018 | CityCouncil/2018-03-06.pdf |