pages: CityCouncil/2019-02-05.pdf, 3
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CityCouncil | 2019-02-05 | 3 | Councilmember Oddie stated that he would like to know more than what has been provided, including finances; noted previous development projects experience difficulty with project financing; stated some developers have provided substantial project financing and that he appreciates three development firms have a relationship with Alameda. Councilmember Vella stated that she is looking for a developer with dependable finances and able to provide housing units and commercial space; inquired whether space is being considered outside of Alameda Point Collaborative (APC), and if housing is being provided at all levels; outlined a 2017 Alameda design ordinance; stated that she is encouraging candidates to continue community outreach as a whole, throughout Alameda; transportation demand design is key moving forward. Vice Mayor Knox White stated all four development teams have strong ties to the Community; Council's task is to select a developer that can deliver a project; expressed appreciation of all development firms' commitment to moving forward with APC; inquired how important past experience is to selecting a development firm. The Base Reuse Manager responded that Alameda is not unique in the process of a Disposition Development Agreement (DDA); stated the planning process is similar in other jurisdictions; staff has learned how to push the process forward. Vice Mayor Knox White inquired whether it is fair to assume all four development teams have money in place in terms of financing, or are there partners who will identify where funding will come from; how certain is funding. James Edison, Wildan Financial Services, responded all four development firms have the capacity in one way or another to finance the project; stated one important distinction is between firms that have capital on-hand versus firms that must obtain funding; all firms must complete a financial review process; all firms are capable and qualified developers. Vice Mayor Knox White inquired whether there is a distinction between firms that are self-capitalizing versus firms that must obtain financing, related to the ability to move forward quickly. Mr. Edison responded in the negative; outlined Goldman Sachs funding capabilities. Councilmember Daysog inquired whether there are higher expectations of return [investment] of a self-financing firm that could have an effect on what the City can expect in terms of money needed for infrastructure and other public benefits. Mr. Edison responded that a distinction is the source of the funding, whether third party or self-financed, the money can be more patient or more demanding, based on the source of funding in terms of returns; stated firms that are internally and self-financed typically are more patient; firms that receive financing from outside sources will need a Special Meeting Alameda City Council February 5, 2019 3 | CityCouncil/2019-02-05.pdf |