pages: CityCouncil/2019-05-07.pdf, 21
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CityCouncil | 2019-05-07 | 21 | be invested in the building; millions will be invested into the building, but no shell credit will be received. In response to Councilmember Vella's inquiry about equipment and investment needs, the Assistant Community Development Director stated the building needs an entire new roof. The Assistant City Attorney stated $100,000 is only for the first 12 months of the lease; over $6 million would be spent in the following years. In response to Councilmember Vella's inquiry related to high-speed internet, Mr. Connaughton stated the $100,000 is to bring the building to occupancy status; after permit approvals, the bulk of the money will be invested into the site, with almost all going into the building; tens of millions of dollars will go into installing fiber and other updates; the project will be roughly $100 million with craft labor involved; at least $6 million will be the resulting investment for the City in the form of an A-class building. Councilmember Vella inquired about the other off-site improvements. The Assistant Community Development Director responded other tenants interested in Building 530 were required to do extensive work in order to bring the building to occupancy standards; stated the cost is roughly $2 million due to a new electrical system being required by Alameda Municipal Power (AMP). Mr. Connaughton stated in relation to off-site improvements, there will be water updates in addition to building updates; stated landscaping and parking lots will be included, along with two loops of backbone internet fiber that others can access; outlined other infrastructure improvements that will be a modest net savings to the community; electrical enhancements will also be made. In response to Councilmember Vella's inquiry, Mr. Connaughton stated the project will be in two phases; one will take advantage of spare AMP capacity; in the event further expansion occurs inside the building, there will be an -on upgrade in the addition of new AMP facilities; noted the new facilities are several years away; stated Nautilus would negotiate with AMP in accordance with AMP's rules and procedures. Councilmember Vella inquired if AMP is performing the work, to which the Assistant Community Development Director responded in the affirmative; stated the work is at the applicant's cost. Councilmember Vella inquired about revenue generation. The Assistant Community Development Director responded the $1.5 to$2 million depicted in the staff report is the revenues AMP estimates will be generated from the project at build-out. Regular Meeting Alameda City Council May 7, 2019 20 | CityCouncil/2019-05-07.pdf |