4.13 18-1749 Subject: Fruitvale Transit Village IIB LDDA And Ground Lease
From: Economic Workforce Development Department
Recommendation: Adopt An Ordinance Authorizing The City Administrator To Negotiate And Execute A Lease Disposition And Development Agreement, A Ninety-Nine Year Ground Lease And Related Documents (Collectively "LDDA") Among The City Of Oakland, The Spanish Speaking Unity Council Of Alameda County, Inc., And Bridge Housing Corporation Or Affiliated Entities For The Fruitvale Transit Village Phase IIB Affordable Housing Development To Be Located On APN 033-2197-019 Bounded By East 12TH Street, 35TH Avenue To The West And 36TH Avenue To The East; On The May 14, 2019 Community And Economic Development Committee Agenda
I see Mr Gallo & his Friends like the Affordable gig for Profits. They can set a price. It would have been better to have built 401 Derby at the Phase 2A site. Equivalent SQ Ft, 64 Luxury Units Completed Madison Partners, $25Mil. Pyotok will only get paid based on $38Million(their website). Nice profit for Gallo and the TUC. To me this SSUC's for Neighborhood. How to turn $100Mil into 30. . The report to Ala county was $62Mil... $3.5Mil refundable. Can the City have that Back? There is an additional $17Mil with Gas tax for EBALCD... The actual value of Property given By City. Coliseum Newly opened is 55/55 Affordable. 16 More Units. Property in budget. But Market rate Affordable Units side by side. This wall of affordable in Fruitvale will extend the No shop area well into Fruitvale. Those are $1Million Dollar cost condos @ Fruitvale Village Phase 2A. This should not happen 2x. Also the SSUC saved $10Mil by NOT building Garage first.
I see Mr Gallo & his Friends like the Affordable gig for Profits. They can set a price. It would have been better to have built 401 Derby at the Phase 2A site. Equivalent SQ Ft, 64 Luxury Units Completed Madison Partners, $25Mil. Pyotok will only get paid based on $38Million(their website). Nice profit for Gallo and the TUC. To me this SSUC's for Neighborhood. How to turn $100Mil into 30. . The report to Ala county was $62Mil... $3.5Mil refundable. Can the City have that Back? There is an additional $17Mil with Gas tax for EBALCD... The actual value of Property given By City. Coliseum Newly opened is 55/55 Affordable. 16 More Units. Property in budget. But Market rate Affordable Units side by side. This wall of affordable in Fruitvale will extend the No shop area well into Fruitvale. Those are $1Million Dollar cost condos @ Fruitvale Village Phase 2A. This should not happen 2x. Also the SSUC saved $10Mil by NOT building Garage first.