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File #: 2017-4440   
Type: Regular Agenda Item
Body: City Council
On agenda: 7/5/2017
Title: Public Hearing to Consider Introduction of Ordinance Amending the Disposition and Development Agreement between Alameda Point Partners, LLC and the City of Alameda for Site A at Alameda Point. (Base Reuse 858)
Attachments: 1. Exhibit 1 - Summary of Progress Made on Site A Project Since Execution of the DDA in June 16, 2015, 2. Exhibit 2 - City of Alameda Notice of Default to Alameda Point Partners, dated April 12, 2017, 3. Exhibit 3 - Alameda Point Partners' Response to City's Notice of Default, dated April 12, 2017, 4. Exhibit 4 - Approved Amendment to the Site A Development Plan, 5. Exhibit 5 - Second Amendment to Disposition and Development Agreement between Alameda Point Partners, LLC and the City of Alameda for Site A at Alameda Point, 6. Exhibit 6 - Disposition and Development Agreement Between Alameda Point Partners, LLC and the City of Alameda for Site A at Alameda Point (August 6, 2015), 7. Exhibit 7 - Alameda Point Partners Projected Financial Proformas for Site A by Phase, 8. Presentation, 9. Ordinance, 10. External Correspondence
Title

Public Hearing to Consider Introduction of Ordinance Amending the Disposition and Development Agreement between Alameda Point Partners, LLC and the City of Alameda for Site A at Alameda Point. (Base Reuse 858)

Body

To: Honorable Mayor and Members of the City Council

From: Jill Keimach, City Manager

Re: Public Hearing to Consider Introduction of Ordinance Amending the Disposition and Development Agreement between Alameda Point Partners, LLC and the City of Alameda for Site A at Alameda Point

BACKGROUND
In June 2015, the City Council unanimously approved the Site A Development Plan and a Disposition and Development Agreement (DDA) with the private developer, Alameda Point Partners (APP), for a 68-acre area within Alameda Point that extends generally from the Main Street entrance of Alameda Point to the eastern edge of the Seaplane Lagoon. Site A includes 800 housing units (200 affordable), 600,000 square feet of commercial development, and extensive parks and utility infrastructure (Site A Project). The Site A Project represents the first major public/private development at Alameda Point since the base closed and lost 18,000 jobs in 1997. The DDA contemplates that the Site A Project will be constructed in three phases over the next 15 years.
Since the approval of the Site A Development Plan and DDA, APP and its team of architects, engineers, and design professionals, in coordination with City staff, have expended significant staff and financial resources, including $15 million to date in equity funds, making extensive progress on implementing the Site A Project over an 24-month period. A summary of the progress made on the Site A Project is provided in Exhibit 1.
On January 17, 2017, the City Council approved an amendment to the DDA to extend the closing on the Phase 1 property (Phase 1 Property) by four additional months from December 12, 2016 to April 11, 2017 (Phase 1 Closing Date) due to the rising cost and complexity of the project requirin...

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