Excerpt:

The project is viewed as a prime catalyst for jump starting the overall redevelopment of the former Naval base, but problems with the developer’s finances began to show last December when the Alameda City Council voted to give Alameda Point Partners a 120-day extension to provide a development budget and financing plan. Wednesday’s extension deadline, though, was not met.

“It would be a huge disaster if it didn’t go there and we would have to start from scratch in an economy that’s not as robust as two years ago,” said Councilmember Jim Oddie. But both sides appear willing about continuing the relationship at “Site A.” “It’s not like they’re totally abandoning us or we have no faith in them,” added Oddie.