pages: AlamedaReuseandRedevelopmentAuthority/2007-05-08.pdf, 1
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| AlamedaReuseandRedevelopmentAuthority | 2007-05-08 | 1 | APPROVED MINUTES OF THE REGULAR MEETING OF THE ALAMEDA REUSE AND REDEVELOPMENT AUTHORITY Tuesday. May 8, 2007 The meeting convened at 7:13 p.m. with Chair Johnson presiding. 2-A 1. ROLL CALL Present: Beverly Johnson, Chair of Alameda Marie Gilmore, Boardmember, City of Alameda Doug deHaan, Boardmember, City of Alameda Frank Matarrese, Boardmember, City of Alameda Lena Tam, Boardmember, City of Alameda 2. CONSENT CALENDAR 2-A. Approve the minutes of the Regular Meeting of April 4, 2007. 2-B. Review and approve all new and existing subleases at Alameda Point. 2-C. Disposition of Personal Property - Proposed Sale of 45 Foot Yard Tug Boat. Item 2-C. was withdrawn. Approval of items 2-A and 2-B. was motioned by Member Matarrese, seconded by Member Tam and passed by the following voice vote: Ayes - 5; Noes - 0; Abstentions - 0. 3. REGULAR AGENDA ITEMS 3-A. Consideration of Master Developer Partnership Agreement and Master Developer Selection. Debbie Potter, Base Reuse and Community Development Manager, gave an overview on the status of the of the Master Developer process. She summarized that, on April 4, the ARRA selected Catellus and Lennar Urban as co-master developers and the Board requested they return with a Partnership Agreement in 30 days. On May 2nd Catellus and Lennar submitted a non- binding term sheet that described general provisions that would be included in a yet-to-be- determined Operating Agreement. The term sheet contemplated a 60-day time frame for completing the partnership agreement. The evaluation team reviewed the term sheet and concluded that it raised more questions than answers regarding the potential to reach a partnership agreement. Missing terms included: the use of third party equity capital, how additional partners could be added, and what constitutes default under the agreement. Important items deferred were remedies for breach of contract, dispute resolution, percentage of vertical development reserved for each partner, etc. Concerns about the ultimate management structure, cost of third party equity funds vs. self financing and approach to development resulted in the determination that it was unlikely a partnership agreement can be negotiated that maximizes timely, cost effective, market driven redevelopment of Alameda Point. Staff recommended that the Board reconsider the partnership approach and select one master developer. Staff identified Catellus as the better partner for ARRA as they are self financing and their minimum IRR requirement is the lowest. | AlamedaReuseandRedevelopmentAuthority/2007-05-08.pdf |