Alameda Sun: Bonta Holds Swing Vote on Point Plan, May 17, 2012
After city staff spent more than a year on its "going forward" process for developing Alameda Point, progress slowed at the Tuesday, May 8, city council meeting when Mayor Marie Gilmore and Councilmember Lena Tam said they'd like to wait two to three years before investing any resources in preparing the necessary documents for attracting investors to the Point.
The city needs to invest $5 million for land entitlements and an environmental impact report (EIR), according to city staff, a figure that was put forward back in February and received no opposition until Tuesday's meeting.
The strategy city staff is recommending calls for issuing a lease revenue bond to obtain the $5 million, pledging 3.2 percent of Alameda Point net lease revenue to pay for the bond. There would be no obligation placed on the city's General Fund. Proceeds from land sales in the early stage of development could be used to retire the bond before maturity.