D.E. Shaw, SunCal’s capital partner for their master planned project for Alameda Point, has suffered a roughly $70 million loss due to news that the BCE buyout deal is in trouble.
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Another one of our irregular updates on SunCal’s troubles. Riverside Rubidoux and San Clemente Marblehead. Continue reading SunCal SoCal Grief See the Chair of Action Alameda talk to Don Roberts, the host of The Don Roberts Show, about Alameda Power & Telecom, Alameda Point, SunCal and redevelopment subsidies. Continue reading Action Alameda Chair on Don Roberts Show As of Friday, November 21st, 2008, the City of Alameda (specifically, Alameda Power & Telecom) is no longer involved in the telecommunications business. After two years of heated debate, detailed evaluations, and public outcry, the telecommunications system has been sold to Comcast for $17 million. Finally, the financial bleeding has stopped. Continue reading City Treasurer, Auditor on Alameda Power & Telecom Telecom Sale We received several emails yesterday about a local amateur blogger quoting un-named City of Alameda sources and trying to assert that redevelopment debt issued by the Community Improvement Commission of the City of Alameda is effectively “free money” with no impacts on the City’s finances. How untrue. Continue reading Redevelopment Debt is the City’s Debt Alameda is close behind Vallejo in declaring bankruptcy, facing severe budget shortfalls, lawsuits totaling over $30 million due to incompetence and mis-management, and planned projects, bond issuances or service cuts that will aggravate our financial despair. SunCal plans to bulldoze soccer fields to build housing for profit. We received a communication from City Auditor Kevin Kennedy regarding a statement attributed to him about Alameda Power & Telecom never being able to sign up enough Cable TV and Internet subscribers to make the Telecom division successful. How many City Hall’s and out-buildings does the City of Alameda need to operate? Especially as we enter a second year of budget shortfalls? We should be shedding excess capital assets and buildings, not expanding into new buildings. Continue reading Alameda Municipal Waste Elation over $1.99/gallon gas prices at Safeway quickly turned to frustration and long lines today at the Safeway gas station at Alameda Towne Center. Continue reading Cheap Gas Turns to Frustration for Drivers At the November 10th Planning Board meeting, the City of Alameda Planning Board was set to discuss a CEQA negative declaration on a proposed density bonus law ordinance. Then, the Alameda Sun published a cover story about the density bonus law ordinance, and the Nov. 10th Planning Board meeting was cancelled. The density bonus law comes up tonight at the Planning Board meeting. |
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