Financial-Issues

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After city staff spent more than a year on its "going forward" process for developing Alameda Point, progress slowed at the Tuesday, May 8, city council meeting when Mayor Marie Gilmore and Councilmember Lena Tam said they'd like to wait two to three years before investing any resources in preparing the necessary documents for attracting investors to the Point.

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State finance officials are questioning nearly $370 million in payments city officials say they owe on their former redevelopment projects, more than a third of the amount they say their remaining redevelopment obligations will cost.

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A deeply divided Alameda City Council may end up walking away from the city’s latest proposal to prepare Alameda Point for development, with some council members saying they think the city should focus on existing tenants and forget about moving forward with new development plans for a few years. The development strategy has been in the works since the council fired former master developer SunCal in July 2010.

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On January 4, 2012, the Alameda Reuse and Redevelopment Authority (ARRAAlameda Reuse and Redevelopment Authority. The City Council acts in this capacity.) and the United States Navy (Navy) entered into a second amendment to the 2000 Economic Development Conveyance Memorandum of Agreement (EDCEconomic Development Conveyance MOA), authorizing a no-cost conveyance of the 918-acre portion of the former Naval Air Station Alameda (NASNaval Air Station Alameda), commonly referred to as Alameda Point. Pursuant to the EDC MOA, it is expected that conveyance of significant portions of the Alameda Point property will occur during 2012.

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On Alameda’s economic future, Russo sees one sure way to bolster Alameda’s largely residential tax base is the development of Alameda Point. “The reason the Naval Air Station is so important — and why I believe passionately that we need to move this thing after 15 years of just frittering around the edges — it was the economic driving force for the Island,” he says.

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The city’s commitment to proceed with a less-intensive development plan than the one proposed by former Alameda Point developer SunCal could face a major hurdle: The amount of development now being contemplated for the former Naval Air Station may not pencil out financially.

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A recently released proposal for development at the former Alameda Naval Air
Station (NASNaval Air Station) lays out a plan for permanent protection for the endangered
California Least Terns that nest there while allowing for reasonable development on
lands adjacent to the colony. The proposal revised an older plan to build a large medical
and memorial complex on the runway at the former NAS, which is known locally
as the Alameda Wildlife Refuge.

According to the proposal, the majority of the medical complex and columbarium

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BACKGROUND
The City of Alameda is scheduled to become the owner of significant parts of the
Alameda Point property by the end of this year. As a result, the next logical step is for
the City to decide how to facilitate the development of the property. Staff presented
some initial thoughts and findings regarding a Disposition and Development Strategy
(Strategy) to the City at its December 7, 2011 meeting, and made a presentation on
staff' s proposed Strategy to the City Council on February 7 2012. On March 20 2012

Adopt a Resolution Authorizing the City Manager to Negotiate and Execute
a Final Naval Air Station Alameda Exchange Agreement between the City
of Alameda and the State of California , Acting by and through the State
Lands Commission , in Substantial Conformance with the Proposed Naval
Air Station Alameda Exchange Agreement

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City leaders eager to move forward with plans to revitalize Alameda Point are pinning their hopes on new legislation that could allow them to use future property tax dollars to pay for roads, schools and other new public facilities at the Point and other defunct military bases.