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ARRA Board Approves Amendment Giving DE Shaw More Control

Last night at the Alameda Re-use and Redevelopment Authority (ARRA) meeting, City Council, acting as the ARRA board, approved an amendment to the Exclusive Negotiating Agreement (ENA) with SunCal, which transfers more control and authority towards New York Hedge Fund D.E. Shaw. The amendment creates the risk that D.E. Shaw could remove SunCal – a developer chosen by the ARRA board – and nominate a developer of their own choice.

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