Cost to the City
"Alameda Point is costing our city dearly" and will continue to do so for years to come unless we pass the initiative. (Source: SunCal campaign literature.)
The SunCal measure could cost our city dearly and would do so for years to come. Reports done by the Alameda Chamber of Commerce, the City of Alameda, and Renewed HOPE Housing Advocates all conclude that the SunCal ballot measure creates a significant level of financial risk for the City of Alameda and its taxpayers. The City of Alameda's own study finds that the project would have a negative impact on the city's budget with a shortfall of $17.7 million if a 15-year buildout is assumed, and a $4.8 annual deficit thereafter, unless mitigated. (Source: Executive Summary, p. 16.)
The initiative could also cost the city dearly because of a provision in the initiative that allows the developer(s) to not develop the property until the timing is advantageous to them. This could result in neglected property, with the city responsible for any dangerous situations that develop in the meantime, but without the lease revenues it currently receives.