Memo from City Manager to City Council Recommending Approval of Resolution Denying SunCal's Modified Optional Entitlement, July 20 , 2010
Two Remaining Mandatory Milestones
.Finalized Navy Term Sheet
.Disposition and Development Agreement
.Denial of SunCal Modified OEA
..Findings for Denial
...Lack of Commitment to Mixed-Use Transit-Oriented Development
...Need for Economic Development Strategy
...Impacts to Endangered Species
...Risk of Project Infeasibility and Adverse Outcomes
...Lack of Community Support
..Responses to Questions from Alameda's July 7, 2010 Meeting
...What effect does a reduction or elimination of redevelopment property tax increment have on EPS's financial feasibility analysis?
...How much private financing does SunCal's project proforma assume is required
to achieve a 20 percent Internal Rate of Return?
...What is the status of SunCa/'s negotiations with Alameda Unified School District
regarding impacts to schools?
...What is the status of SunCa/'s commercial market study?
...What are examples of Transit Town Centers as defined by the Center for
Transit-Oriented Development (TOD)?
..Recommended Next Steps
..Should SunCal's Modified OEA be denied , staff will proceed with a "moving forward" process to include , at minimum:
...Assessment of all prior plans previously submitted , evaluating strengths and weaknesses;
...Community forums and outreach to determine "lessons learned"
...Stakeholder sessions with existing tenants/residents at Alameda Point;
...Critical path for revised and updated vision for Alameda Point, given the present and future state of the development financing market;
...Evaluation of land use , transportation , environmental and other documents in order to garner technical information of value in future site planning;
...Recommendation on a " moving forward" Alameda Point Project Team and organizational structure; and
...Re-establishing a property conveyance plan with the U.S. Navy and agreement on a Public Trust Exchange with State Lands Commission.
1. April 26, 2010 SunCal Density Bonus Option Project Proforma
2. May 24, 2010 Final Report Alameda Point Pro Forma Market Review prepared by EPS - on file in City Clerk' s Office
3. June 1, 2010 SunCal Presentation on May 24, 2010 EPS Market Report
4. June 29, 2010 Memorandum Response to SunCal's Alameda Point Market Analysis and Feasibilty Study Comments prepared by EPS
5. June 2010 Alameda Point Public Services Analysis prepared by EPS -- on file in City Clerk' s Office
6. June 2010 Final Report Alameda Point Financial Feasibility Analysis prepared by EPS
7. June 2010 City of Alameda Traffic Capacity Management Procedure