pages: RecreationandParkCommission/2009-10-05.pdf, 3
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RecreationandParkCommission | 2009-10-05 | 3 | for security/collateral as part of their endowment fund, use security as part of the building, etc. There are all sorts of things that could be negotiated in the term. Barbara Kerr, former Council Member and Alameda resident, stated that if it is not a building it does not count, right? ICM Gallant stated that if the Bank of Alameda is willing to take the endowment as collateral then the City should be able to do an agreement. Commissioner Cooper asked why the Boys and Girls Club needs to borrow $1 million when they have $3 million in cash. ICM Gallant stated she cannot answer for them, but their endowment monies are used to generate interest which pays for their operating costs. Nobody will use an endowment dollar for capital if they are using it for operating costs. Commissioner Restagno stated that nest eggs/endowments are to be used in dire situations and current conditions are dire. Commissioner Cooper asked why we (City) would donate to a private concern when we ourselves are cutting our programs to the bone. This does not make sense and does not sound like good business. ICM Gallant stated that she felt it was a very good deal in terms of a compromise solution. What we are proposing is to substitute $1 million of the projects on the proposed list on the west side for $1 million of the Boys and Girls Club. Basically, loan them $1 million for five years for getting the monies back. As an example, if you look at the original proposed list you get the same amount of money back within 5 years that you would spend on other projects. In looking at the original Measure AA funds that were spent before, you get the same amount of money back within 5 years that you would spend on other projects. The original Measure AA funds were not spent in 48 months. It took approximately 6-7 years. We could not do $4.5 million worth of capital projects in 36 months; we do not have the staff to do it. Also, in terms of cutting staff government operates on colors of dollars. These are capital project monies not operational dollars. So we could not use the funds to pay for recreation and park programs. Chair Ogden stated that we could use the monies for facilities. ICM Gallant stated they could be used for hardscape. Chair Ogden stated that we have a lot of projects for hardscape that need to be done. ICM Gallant stated that she did not disagree with that statement. ICM Gallant stated that she knows there is a lot of need. There is no opportunity here in a significant amount, absent this kind of Measure WW, to generate a lot of capital dollars for park acquisition and development. Vice Chair Restagno stated that is what Council needs to think about. In his speaking with some individuals, what he is hearing is that if these monies go to a private non-profit organization the next time a bond measure comes up there is not a snow balls chance that it will pass. Mr. Restagno stated that he does not feel that anybody reading through the Measure WW materials could have envisioned that the funds would go for such a use. To have the voters treated in such a way will have long-term ramifications for future park and recreation Recreation & Park Commission Special Mtg. 3 Minutes - Monday, October 5, 2009 | RecreationandParkCommission/2009-10-05.pdf |