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Alameda Point Lease Revenues to Exceed $130 million Over Next Eight Years

A forecasting spreadsheet created by the City of Alameda shows that they expect roughly $133 million in lease revenues from tenants at Alameda Point over the next eight years.

Contrary to claims from Measure B proponents that the former navy base costs Alameda taxpayers money, the spreadsheet, and statements from City Hall, reveal that revenue from the base generally exceeds the expense to maintain it; in shortfall years, the difference is made up from a reserve fund consisting of prior year lease revenue.

In response to public records requests about the revenue and expenses at Alameda Point, Development Services Director Leslie Little responded: “The ARRA receives no revenue from the City’s General Fund. The General Fund covers no un-reimbursed costs of the ARRA.” (ARRA – the Alameda Reuse and Redevelopment Authority – is the local agency that manages Alameda Point in the interim between closure and transfer to a developer.)

Further, Little notes that “”The Municipal Service fee pays for City General Fund services that support the ARRA, such as police, fire, risk management, legal, City Clerk functions, City Managers office, Human Resources, Finance; budgeting, payables and receivables processing etc. There are no expenses for the ARRA in the City’s General Fund.”

Municipal Services Fees, or so-called “Mello-Roos” tax, such as that applied to the Bayport development are a separate property-attached tax localized to specific developments.

Here is the full budget spreadsheet, showing the forecast $133 million in lease revenues from Fiscal Year 2009/10 through Fiscal Year 2016/17.

September 2009 Forecast of Alameda Point Revenues and Expenses

2 comments to Alameda Point Lease Revenues to Exceed $130 million Over Next Eight Years

  • barb

    Did SUNCAL include this in the $200 it is willing to pay for improvements?

  • Nope. The $200 million for public benefits is contingent on a taxpayer subsidy – SunCal isn’t paying for the public benefits – taxpayers are.

    The $133 million is separate lease revenue from tenants that SunCal would pocket.

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