Title
Adoption of Resolution Authorizing the Commencement of Proceedings for the Formation of a Community Facilities District (CFD), Designating Consultants, Approving a Deposit/Reimbursement Agreement, and Authorizing and Directing Certain Related Actions For the Alameda Marina Project. (Public Works 279)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
In 2018, the City Council approved the Master Plan for the Alameda Marina project, which established the requirements for a mixed-use development at the Alameda Marina site. The Developer, Alameda Marina, LLC, is requesting the formation of a Community Facilities District (CFD) to finance certain public infrastructure and certain municipal services necessitated by the project. Staff is seeking the City Council's approval to move forward with the formation.
BACKGROUND
In July 2018, the City Council approved the Alameda Marina Master Plan, which established requirements for mixed-use development of up to 760 multi-family housing units, up to 250,000 square feet of commercial and maritime commercial space, approximately 3.59 acres of shoreline open space, and a 530 slip marina at the Alameda Marina site. The Master Plan is available on the City of Alameda's (City) website at:
.
The Alameda Marina, LLC (Developer) has now requested that a CFD be formed. The City previously agreed to cooperate with the Developer in the formation of a CFD to finance various public infrastructure improvements and support certain ongoing services necessitated by the redevelopment project.
A CFD establishes a tax that may be levied on a defined area to fund construction of certain public facilities/infrastructure, such as streets and sewers, as well as provide funding for ongoing services such as maintenance and public safety services. Bonds may be issued to pay for the cons...
Click here for full text