pages: CityCouncil/2018-03-06.pdf, 12
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CityCouncil | 2018-03-06 | 12 | Mayor Spencer inquired if $460 million is the sale price. The Base Reuse Director responded $460 million is the project value. Mayor Spencer inquired whether there is a way to guarantee the affordable housing, to which the Base Reuse Director responded in the negative; stated staff's recommendation is the best way to achieve the affordable housing. Mayor Spencer inquired whether the developers are not willing to guarantee the $24 million to ensure the City gets the affordable housing. The City Manager responded in the affirmative. Mayor Spencer inquired whether the anticipated rents will be $3,300 and $3,400 a month. The Base Reuse Director responded that the rent would vary by floor plan; stated the average is approximately $3,300 a month. Mayor Spencer inquired whether the average of $3,300 a month is for a studio or one bedroom, to which the Base Reuse Director Responded in the affirmative. Mayor Spencer stated that [$3,000 in rent] is not workforce housing or affordable housing; she will not support the amendment. Councilmember Matarrese stated the risk is bigger if the amendment is not granted; by State standards, the developer is still required to supply affordable housing; three things happen when the closing occurs: the developer has to pay property tax, the City will receive transfer tax each time a block sells and the backbone infrastructure will be started within 30 days; inquired whether the developer puts up a surety bond, to which the City Manager responded in the affirmative. Councilmember Matarrese stated the surety bond would guarantee the money; the affordable units will not be built if the infrastructure is not done; denying the amendment will decrease the City's chances of acquiring any affordable housing. Councilmember Ezzy Ashcraft stated there is a huge need for all types of housing, market rate and affordable; the financing for affordable housing is difficult; she supports the project. Vice Mayor Vella stated that she plans on supporting the project; there is no way to guarantee the affordable housing, but good faith actions have proved the City has a good partner, committed to trying to get the affordable housing done; the City needs to figure out how to get the funding; the project will help with jobs and the housing crisis. Regular Meeting Alameda City Council 12 March 6, 2018 | CityCouncil/2018-03-06.pdf |