Alameda Journal: City, Navy work out deal for Alameda Point transfer, September 29, 2011
n what Alameda officials say will help jump-start the redevelopment of Alameda Point, the U.S. Navy has agreed to drop the $108 million price tag for the property and convey it at no cost to the city.
The Alameda Reuse and Redevelopment Authority, the body under which the City Council meets to oversee the former Alameda Naval Air Station, is expected to approve the deal on Wednesday.
City Manager John Russo called the deal "unconditionally good news."
"There's not a hint of bad news about it," Russo said.
While the Navy has agreed to a no-cost conveyance for the 918-acre site -- which roughly makes up about one-third of the Island -- it still wants the city to provide $50,000 for each housing unit that may be built on the site if more than 1,400 units are constructed.