Resolution 10391i.
CITY OF ALAMEDA RESOLUTION NO. 10391
AUTHORIZING SUBMITTAL OF A REVISED UDAG APPLICATION
FOR ALAMEDA GATEWAY, LTD. TO U.S. DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT
WHEREAS, the City of Alameda on April 17, 1984 authorized
the submission of an Urban Development Action Grant ("UDAG")
application on behalf of Alameda Gateway, Ltd. requesting
$8,000,000 in grant funds, to redevelop the former Tcdd Shipyard
located at 2900 Main Street in the City of Alameda; and
WHEREAS, after a series of discussions among the Department
of Housing and Urban Development ("HUD"), the project lender
and the Alameda Department of Community Development and review
of available market analysis it was determined that the Gateway
grant application should be revised to reflect a smaller scale
project, deleting all of the retail previously proposed; and
WHEREAS, the Gateway project has been reduced from total
development costs of approximately $54,000,000 to $25,000,000;
and
WHEREAS, due to the contributory cost of financing and
other market conditions, the revised project continues to incur
an approximate $4,000,000 deficit; and
WHEREAS, with a UDAG of approximately $4,000,000 the defi-
cit is reduced to approximately $1,500,000, which the Gateway
sponsor has committed to cover subject to approval of the UDAG
and development of the project; and.
WHEREAS, but for the UDAG the City of Alameda will lose
the opportunity to redevelop the abandoned Todd Shipyard facility
resulting in the loss of approximately 1,100 skilled and semi-
skilled jobs and $250,000 annually in real property taxes;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF ALAMEDA that an amended UDAG application be submitted on behalf
of Alameda Gateway, Ltd. in the amount of $4,000,000, to be repaid
to the City of Alameda in accordance with the terms and conditions
negotiated between the City and Gateway, subject to the holding
of two public hearings prior to July 31, 1984 to receive public
comment in accordance with HUD regulations.
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 17th of July, 1984,
by the following vote to wit:
AYES: Councilmembers Gorman, Hanna, Lucas, Monsef and President Diament - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 18th day of July, 1984.
City Clerk of the C of ameda