pages: CityCouncil/2021-10-19.pdf, 26
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CityCouncil | 2021-10-19 | 26 | Mayor Ezzy Ashcraft inquired when the matter would return to Council next. The City Manager responded staff can hold a workshop in the following months to continue the educational period; staff will perform other steps during the four to six months in order to prepare Council to make a decision. Councilmember Knox White inquired whether the validation process included in the presentation is accurate, to which the City Manager responded in the affirmative. Councilmember Knox White noted sometime between now and next February, there will be a workshop; inquired whether the matter will come to many meetings in March and April and Council approval is set for May or June. Mr. Morales responded the assessment is correct. Councilmember Knox White stated that he has been doom and gloom on the economy for some time; he is happy to be proven wrong; if Council wishes to take advantage of the POB, the advantage should be taken earlier, rather than later; bond rates will likely only go up; every month of waiting is a month of increased rates; the concerns raised are reasonable; expressed support for Councilmember Daysog requesting UFI's staff bona fides; stated the City Auditor and Treasurer will provide input and recommendations; the City Auditor and Treasurer have both expressed support for moving forward to start the conversation. Councilmember Knox White moved approval of the staff recommendation [including adoption of the resolution] with direction to ensure there are two workshops, not Council meetings, between now and the first Council approval whereby the City can have Mr. Morales and City staff give a presentation and have a deep discussion with Council and the community. Vice Mayor Vella seconded the motion. Under discussion, Vice Mayor Vella stated Council owes the City and constituents a conversation to explore the option; the experts have said now is the time to have the discussion based on bond ratings; other jurisdictions have done so at less opportune moments; she does not want to be in a situation where Council is making decisions out of desperation; she wants to be in a position to make decisions based off the best possible set of facts, knowing that Council is acting in a fiscally responsible manner; doing nothing is fiscally irresponsible; expressed support for taking a step forward in giving direction to return to Council to look at POBs as an option, allowing for a vetting process, the chance for people to weigh-in to have a work session and for Council to make an informed decision about whether a POB is the right thing at the right time for the City; the matter does not exclude the ability to look at other options and parallel tracks; Council must ensure the City is put in a financial position that is responsible; she has not heard the City Auditor or Treasurer oppose exploring the possibility of a POB; the timeline provides the opportunity for full vetting; expressed support for moving forward; stated doing nothing will cost hundreds of millions of dollars and will create an even bigger problem; she hopes the City can take a positive step forward. Mayor Ezzy Ashcraft stated it is important that Council considers steps to ensure the City is not creating more liability in moving forward; expressed support for moving forward carefully; stated that she would like staff to explore ways to minimize getting further into debt; inquired whether Regular Meeting Alameda City Council 25 October 19, 2021 | CityCouncil/2021-10-19.pdf |