Posted on 08/01/2010 4:04:20 AM PDT by gunsequalfreedom
Alameda, an island long resistant to growth, threw a warm embrace around an unlikely suitor last year. The Southern California developer SunCal Companies proposed to build thousands of homes, sports fields, offices and a ferry terminal on 770 acres of a decommissioned naval base.
The project promised to transform the island city, and its leaders lined up in support.
City Manager Ann Marie Gallant and her staff homed in on the fine print of the ballot initiative. Their report raised concerns about an annual $4.8 million hit to the city’s general fund for city services; breaks on more than $82 million in impact fees; and a $200 million cap on the amount the developer would have to spend on public infrastructure.
The last provision raised fears that residents could be liable for tens of millions of dollars in road and park work.
“We were cautioning everyone to read this, and doing our due diligence with the Council in closed session,” Gallant said. “I just wanted to make it clear that it posed serious risks.”
Mayor Johnson — who lauds Gallant’s strong management and financial expertise — said it was the staff reports that made her recant her support in October, ahead of the February election and vote on Measure B.
“Once there was a real analysis of the deal that was proposed,” Johnson said, “that’s when things really started to turn.”
(Excerpt) Read more at baycitizen.org ...
kinda like health “reform” and the financial “reform” bill, huh?
These people are crooks and to date have gotten away with it.
To date they have went into bankruptcy on at least 16 developements, including two properties in Bakersfield where it was learned that at least on supplemental Lehman Brothers loan of 145,000,000 dollars was used by the staff for parties and other non developement perks.
It's always in the fine print.
I wish more people (especially the media) would home in on the fine print of all California propositions. The false advertising needs to be exposed.
Wow, did not know that. Interesting. Always the dollar, isn’t it.
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