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Vallejo May be Only the First

In this editorial, the San Francisco Chronicle warns that Vallejo may be only the first of several California cities to file for bankruptcy.

The City of Alameda is on the same path – over-reliance on transfer taxes from property sales, development plans for Alameda Point that will cost the general fund more than they contribute, and lack of will among Alameda City Council to bring light industry to Alameda Point that could generate business sales tax revenue. Further, redevelopment in the City of Alameda siphons off $10 to $12 million per year away from the General Fund, to pay back debt on bonds issued to fund the out-sized parking garage.

Under the current redevelopment agenda in Alameda, demands for city services will increase without commensurate contributions to the city’s general fund – exactly what happened in Vallejo. Hopefully, Alameda residents will wake up by November and realize the City of Alameda Councilmember Marie Gilmore – who is up for re-election – has been a chief contributor to the problem.

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