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Friday, October 6, 2017

EBC AGENDA | OCT 6-12 | Fox Theater is a white elephant; affordable housing for OAKLAND's Brooklyn Basin; SAN LEANDRO shoreline update

THE WEEK OCTOBER 6-12

--OAKLAND-- City Council committee hearings, Tuesday, Oct. 10, starts at 9:30 a.m.

➤Community & Economic Development Committee, 1:30 p.m. [ENTIRE AGENDA HERE]
--FOX THEATER LOANS-- Debts from the iconic theater's $47.5 million renovation a decade ago is proposed to be transferred from the Oakland Redevelopment Successor Agency (ORSA) to the city. Then it gets worse, in one of the most shocking government staff reports you will ever read. "With the elimination of the tax credit structure and the anticipated property transfer, there is a substantial amount of debt owed to ORSA from the Fox Theater (FOT) that needs to be addressed... The debt for the Fox Theater was in the form of unsecured loans that had no clear source of repayment. Once the other tax credit and construction debt was eliminated, at the end of the tax credit period, there is no way that the ORSA debt was ever expected to be fully repaid. In fact, most of these loans have never received any debt service payments, and all the other debt service from the project have been under $1 million per year."

--"There is no conceivable way that Fox Oakland Theater will be able to fully repay all the ORSA loans. If ORSA does not assign the loans to the City, at some time ORSA will need to write off the debt. While FOT invested all the ORSA loan funds in the Fox Theater - as well as tax credit equity, grants and other funds - the Fox Theater value, based on an income approach, is not worth the cost of the renovations. The projected future rent from the Fox Theater is not enough to make full interest payments on the ORSA loans, or repay the principal, and the liabilities are growing. The Fox Theater is the only asset that FOT has. There are no other sources of funds to repay FOT's loans from ORSA. This situation will not significantly change over the course of the lease. Even if the Fox Theater were to become more lucrative through more intense use or by charging higher rents, the total revenue would not be enough to cover the annual interest payment."

--AFFORDABLE BROOKLYN BASIN-- "The City is required to ensure that 465 units of affordable rental housing are developed on two parcels jointly owned by the City and the Oakland Housing Authority (OHA) at the Brooklyn Basin project site." The committee will be asked to move forward a Master Housing Agreement among the City, OHA and the affordable housing developer, MidPen Housing Corporation.

➤Public Safety Committee, 4 p.m. [ENTIRE AGENDA HERE]
--DRIVING WHILE BLACK-- In 2016, 62 percent of Oakland's 25,355 traffic stops were for vehicles driven by African Americans, according to city report on racial inequalities in traffic enforcement. In addition, half of the 11,576 citation issued last year were given to African Americans. Oakland's African American population, according to the 2010 Census is 27.3 percent.

➤Financial & Management Committee, 9:30 a.m. [ENTIRE AGENDA HERE] // $140,000 grant from The Research Foundation of the City University of New York.

➤Public Works Committee, 11 a.m. [ENTIRE AGENDA HERE] // CalTrans annual progress report.

➤Life Enrichment Committee CANCELLED.
➤Rules Committee, Thursday, Oct. 12, 10:45 a.m. [ENTIRE AGENDA HERE]

*****
--ALAMEDA COUNTY-- Regular board meeting, Tuesday, Oct. 10, 10:30 a.m. [ENTIRE AGENDA HERE]
--BART TO LIVERMORE EIR-- Supervisor Scott Haggerty is recommending the board submit comments to the BART to Livermore Environmental Impact Report to highlight concerns over facilities proposed near unincorporated rural areas; impacts on Alameda County Fire Department facilities; and car dealerships in Dublin.

--PUBLIC BANK DEPOSIT-- The board will vote to "approve the use of up to $25,000 from the Treasurer-Tax Collector's discretionary services and supplies budget to support the City of Oakland public bank feasibility study." Berkeley approved a similar amount for the $100,000 study, while Oakland is pitching in $75,000.

➤Alameda County Board of Supervisors' Health Committee, Monday, Oct. 9, 9:30 a.m. [ENTIRE AGENDA HERE]
--ALAMEDA HEATLH SYSTEM APPOINTMENT-- An open seat on the Alameda Health System Board of Trustees, which mainly oversees Oakland's Highland Hospital, needs to be filled. County staff is recommending the committee forward the nominations of two applicants for the Board of Supervisors to choose--Louis Chicoine, executive director of Adobe Services, and Peter Manoleas, La Clinica de Raza board member.
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*****
---SAN LEANDRO-- Council work session, Monday, Oct. 9, 7 p.m. [ENTIRE AGENDA HERE]
--SHORELINE PROJECTS-- The council receives updates on Monday night from Cal-Coast Development, the  developer for the 75-acre makeover of the San Leandro shoreline, that includes a 200-room hotel, restaurants, additional recreation, and 200 single-family homes and town houses. In July, the city settled a lawsuit with a community group over concerns the project, among other issues, did not weigh the impact of a new hotel on the existing Marina Inn. The council will also hear updates on the "Mulford-Marina Branch Library, Harbor Basin Decommissioning Study and Marina Boulevard/Doolittle Drive Streetscape Improvements."

*****
--GATHERINGS-- Free screening of the documentary "Merritt College: Home of the Black Panthers," Saturday, Oct. 14, noon, Alameda City Hall Council Chambers. Speakers include Rep. Barbara Lee, Alameda Mayor Trish Herrera Spencer and the film's director Jeffrey Heyman.

--Rep. Ro Khanna town hall, Wednesday, Oct. 18, 7:30 p.m., Kennedy Middle School, 821 Bubb Road, Cupertino.

*****
--EAST BAY MUD-- Regular board meeting, Tuesday, Oct. 10, 1:15 p.m. [ENTIRE AGENDA HERE]

--BART-- Regular board meeting, Thursday, Oct. 12, 9 a.m. [ENTIRE AGENDA HERE]

2 comments:

  1. By MW:

    So there is a 47.5 million dollar ORSA debt, there is millions of dollars in annual negative cash flow from the deal various East Bay "genius" two bit politicians put together to bring the Raiders back, and I wonder how many other horrible deals involving Oakland and/or Alameda County that will eventually blow up are out there, but that have not come to public and/or media attention yet.

    Rather than Oakland and Alameda County paying their in house "experts" salaries of hundreds of thousands of dollars, and sometimes also paying huge sums for the "expertise" of outside and independent consultants, they could just have the analyses done by the very most mentally handicapped children at a school for the severely mentally retarded, and probably get results at least as good, and perhaps even better, than they have been getting from their wonderful and extremely highly paid "experts."

    ReplyDelete
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    ReplyDelete