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2007-06-06 Regular ARRA MinutesAPPROVED MINUTES OF THE REGULAR MEETING OF THE ALAMEDA REUSE AND REDEVELOPMENT AUTHORITY Wednesday, June 6, 2007 The meeting convened at 7:26 p.m. with Chair Johnson presiding. 2-A 1. ROLL CALL Present: Beverly Johnson, Chair of Alameda Marie Gilmore, Boardmember, City of Alameda Doug deHaan, Boardmember, City of Alameda Frank Matarrese, Boardmember, City of Alameda Lena Tam, Boardmember, City of Alameda 2. CONSENT CALENDAR 2 -A. Approve the minutes of the Special Meeting of May 8, 2007. Approval of the consent calendar was motioned by Member Matarrese, seconded by Member Gilmore and passed by the following voice vote: Ayes — 5; Noes — 0; Abstentions — 0. 3. REGULAR AGENDA ITEMS 3 -A. Oral Report Update — Alameda Point Master Developer Debbie Potter, Base Reuse and Community Development Manager, summarized the status of the Master Developer negotiations. Staff and SunCal kicked off the due diligence process on May 13, 2007, and negotiation of the Exclusive Negotiating Agreement (ENA), which will govern the entitlement process over the next 24 months, is actively underway. The sixty day due diligence period ends on July 12th and if SunCal elects to go forward with the project, the ENA will be presented to the ARRA Board for its consideration at a Special meeting on July 18. Michael Perata, Vice President of Acquisitions for SunCal, arrived late (after Item 3 -13 closed), and Chair Johnson re- opened Item 3 -A in order for him to give SunCal's update on the due diligence process. 3 -B. ARRA Budget Update Leslie Little, Development Services Director, gave a powerpoint presentation on the annual ARRA Budget update. The presentation discussed highlights of the year just completed, and projections for moving forward. Major highlights include the stabilization of ARRA lease revenue, payment of fiill AP Bond, and payment of Citywide Development fee. 4. ORAL REPORTS 4 -A. Oral report from Member Matarrese, Restoration Advisory Board (RAB) representative. There was no report, as the next RAB meeting is tomorrow night (6/7). Member Matarrese will provide a report at the next ARRA meeting. 5. ORAL COMMUNICATIONS, NON - AGENDA (PUBLIC COMMENT) There was one speaker, Kevin Kearny, City Auditor, who spoke about lease and procedural issues at Alameda Point, specifically the results of an interim audit which showed significant write -offs of tenant rents at Alameda Point. Mr. Kearny wanted to understand the process by which the ARRA makes decisions regarding tenants that are in arrears with their rent, or that have other contractual problems. Leslie Little explained that there is a procedure in place given to staff by the ARRA, that any lease negotiation be brought to ARRA for policy direction. Mr. Kearny was interested in seeing the documentation that supports the decision of the current lease (for the specific tenant being referred to). Member Matarrese requested that this issue be agendized so that it can be discussed formally. 6. COMMUNICATIONS FROM THE GOVERNING BODY Member deHaan discussed the economic viability of building residential at Alameda Point. Member Gilmore clarified what Member deHaan meant by "affordability" of homes and discussed that the economic driver of the project was not just the homes, but the type and mix of homes that make it market driven for the developer. 7. ADJOURNMENT Meeting was adjourned at 8:24 by Chair Johnson. Respectfully submitted, Irma Glidden ARRA Secretary