SUNCAL SAYS THEY’LL ADDRESS FISCAL CONCERNS
Developer SunCal has said they will address fiscal concerns city officials have raised over the developer’s ballot initiative for developing Alameda Point.
In a letter to Interim City Manager Ann Marie Gallant, SunCal’s Pat Keliher promised legally binding agreements that would commit the developer to ensuring funding is available for public benefits beyond a $200 million cap set in the initiative and to consent to an increase in the area’s tax rate if more money is needed to build, operate and maintain the project.
The company would also allow redevelopment funds to be spent outside the Point project area if needed and would confirm their commitment to mitigate a host of potential issues that could be identified in an environmental impact report.
The letter comes on the heels of Mayor Beverly Johnson’s announcement last week that she has concerns about the impacts of the initiative and similar announcements from the Alameda Chamber of Commerce and Renewed Hope, the nonprofit that sued for affordable housing at the Point. It also follows months of negotiations aimed at addressing the concerns.
Keliher also submitted a 12-page rebuttal to a city-authored analysis released in May that listed a host of potential problems with the initiative – the same analysis Johnson said led her to change her position on the initiative.
More to come.