Advertisement


Rent Increase Survey

Have you submitted your latest rent increase data to the rent increase survey?

City Moves to Borrow to Finance Replacement Fire Station

The City of Alameda is moving forward with borrowing to finance a replacement for Fire Station #3.

The City of Alameda is moving forward with borrowing to finance a replacement for Fire Station #3.

At a special council meeting on July 29th, Alameda City Council will consider a plan to borrow as much as $3 million to finance the replacement of Fire Station #3.

The total cost of the replacement fire station is expected to be no more than $5 million; the $2 million difference between the total and the external borrowing will come from existing City of Alameda capital and maintenance funds, and the sale of the property at 1703 Grand Street which is currently used as Fire Station #3.

The new station will be just down the road at the corner of Hibbard Street and Buena Vista Avenue.

City staff are recommending a twenty year loan from the California State Infrastructure and Economic Development Bank for the $3 million, at an estimated interest rate of 4 percent per year.

The total cost of the station, when external and internal interest rates are factored in, is projected to be $8.10 million, offset by roughly $50,000 in annual savings resulting from shutting down the current station.

1 comment to City Moves to Borrow to Finance Replacement Fire Station

  • Mitch Sanders

    Close Sta. # 3, Sta. # 2 must be earthquake proofed, close it also and open a new station between the two old ones and include the EOC in the building. Force a developer to build a new Sta. # 2 at the Point. Save three million, the interest and a Captains salary by using the station crew to operate the EOC when it is not operational.

  • Library To Host Creative Writing Workshop For Teens https://t.co/nTsVqPkP47 ,
  • https://t.co/HPqGk4LNjh ,
  • Library To Host Creative Writing Workshop For Teens https://t.co/nTsVqPkP47 ,
  • Library To Host Creative Writing Workshop For Teens https://t.co/nTsVqPkP47 ,
  • Library To Host Creative Writing Workshop For Teens https://t.co/nTsVqPkP47 ,

Directories