Excerpt:

Earlier this year, rising construction costs prohibited Alameda Point Partners (APP), the developer for Site A at Alameda Point, from completing its financing plan in time to accept transfer of the property from the City. They have since cured their default by making a $1.35 million payment, which allows them to extend the closing date from August 9, 2017 to April 9, 2018, pursuant to the development agreement. Now APP must submit a financing plan by the extended closing date that demonstrates sufficient funding.