Ordinance 3349 CITY OF ALAMEDA ORDINANCE NO. 3349
New Series
UNCODIFIED URGENCY ORDINANCE ON AN URGENCY BASIS
AUTHORIZING THE CITY MANAGER TO ENTER INTO LEASES WITH THE
CITY OF ALAMEDA FINANCING AUTHORITY
WHEREAS, the City owns real property on which is located the Alameda Police Station; and
WHEREAS, to assist the City in financing a portion of the cost of the City Aquatic Center,
the City of Alameda Financing Authority (the"Authority")will issue its 2023 Lease Revenue Bonds
(the "Bonds"); and
WHEREAS, in connection with the issuance and sale of the Bonds, the City intends to enter
into (1) a Site Lease with the Authority pursuant to which the City would lease the police station
property to the Authority in exchange for an upfront rental payment to be used for the project, and
(2) a Lease Agreement with the Authority pursuant to which the Authority would lease back the
police station property to the City in exchange for semi-annual lease payments; and
WHEREAS, the City Charter requires that the lease of real property for a period longer than
one year be approved by ordinance; and
WHEREAS, the lease of the police station property under the Site Lease and Lease
Agreement each constitutes a transfer of an interest in real property from one local agency to
another local agency and is therefore not considered a disposition of surplus property subject
to the State Surplus Land Act.
NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Alameda by
four affirmative votes that:
Section 1. The City Manager or the Finance Director of the City of Alameda or the City
Manager's or Finance Director's designee are each hereby authorized to execute on behalf of
the City of Alameda, a Site Lease and a Lease Agreement with the Authority substantially in the
forms on file with the City Clerk, subject to such technical or clarifying revisions as are reasonably
determined necessary by the City Manager or Finance Director and approved by the City
Attorney, and the City Clerk is hereby authorized and directed to attest to the same.
Section 2. If any section, subsection, sentence, clause or phrase of this ordinance
is, for any reason, held to be invalid or unconstitutional, such decision shall not affect the
validity or constitutionality of the remaining portions of this ordinance. The City Council of the
City of Alameda hereby declares that it would have passed this ordinance, and each section,
subsection, clause, or phrase hereof, irrespective of the fact that any one or more sections,
subsections, sentences, clauses and phrases are declared to be invalid and unconstitutional.
Section 3. This ordinance is declared to be an urgency ordinance, to be effective
immediately upon its adoption and the reasons for its urgency are as follows: the underwriter of
the bonds and the City's municipal advisor have advised that interest rates have recently trended
upwards and they expect a high likelihood that an interest rate on the Bonds more favorable to the
City can be assumed if the Bonds will be sold within a short period of time after the City Council
has approved their sale. If this ordinance were not adopted as an urgency ordinance, it would be
subject to a second reading on October 3, 2023 and would not go into effect until November 2,
2023. There is no guarantee that a more favorable rate of interest would remain in effect come
November thereby throwing into doubt whether the Bonds could be sold and, even if they were
sold,the cost to the City would likely increase. Because these Bonds will be sold in order to provide
funding for a critically needed public capital facility—the Aquatic Center—it is in the interest of public
health and safety that the Bonds be sold at this time and the lease of the police station property is
critical to that sale.
/
Presiding Officer the City Council
Attest:
Lara Weisiger, City clerk
I, the undersigned, hereby certify that the foregoing Ordinance was duly and regularly
adopted and passed by the Council of the City of Alameda as an urgency ordinance in a
regular meeting assembled on this 19th day of September 2023, by the following vote to wit:
AYES: Councilmembers Daysog, Herrera Spencer, Jensen, Vella and
Mayor Ezzy Ashcraft— 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said
City this 20th day of September 2023.
Lara Weisiger, City Clerk
City of Alameda
Approved as to form;_,.
Yibirv,ghen;,0i Attorney
City of Al rr eda