Title
Recommendation to Approve a Term Sheet for Development of the West Midway Project; Direct Staff to Negotiate a Disposition and Development Agreement with Brookfield Homes and Catellus for Construction of the West Midway Project at Alameda Point; and Authorize the Interim City Manager to Execute the Fourth Amendment to the Exclusive Negotiating Agreement to Extend the Term. (Community Development 29061822)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
On March 9, 2020, the City of Alameda (City) issued a Request for Qualifications (RFQ) for the development of the West Midway Project (Project), a 33-acre mixed-use development project. On March 30, 2020, a joint venture including Brookfield Homes and Catellus (collectively, Developer) submitted a Statement of Qualifications in response to the RFQ. On May 19, 2020, the City Council selected Developer to develop the Project and authorized the City Manager to negotiate an Exclusive Negotiation Agreement (ENA) with Developer. With authorization from the City Council, over the last several months, staff has been negotiating a Term Sheet (Exhibit 1) with Developer. The Term Sheet is designed to identify the key business and financial terms, which staff would use to prepare a Disposition and Development Agreement (DDA). As drafted, the Term Sheet proposes the development of the following items: 362 residential market rate units, up to 67 affordable by design units, 51 moderate-income units, and approximately 10,000 square feet of commercial space. Additional community benefits include: (i) completion of a development pad with the infrastructure to support the RESHAP Project (as defined below), which contains 309 affordable units, and (ii) cash contributions for the Central Gardens Park and for the Main Street Improvements.
By giving direction to staff to negotiate a DDA with Developer consistent with the Term Sheet, the City will have the opportunity to meet a significant portio...
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