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This week news broke from Albuquerque, New Mexico, that SunCal’s partnership with DE Shaw on a massive land development project there has filed for bankruptcy. SunCal has also indicated they intend to keep negotiating with the City of Alameda over Alameda Point. [...] Dear Editor, Sure, I like changes for the better—I’m a longtime Realtor here who loves to see transformation and money well spent for improvements! However, I’m still waiting for the Navy to finish its clean-up process at Alameda Point, and still hoping for a developer I can trust, one which will effectively transform the Point [...] Today, the Albuquerque Journal reported that SunCal and DE Shaw are facing foreclosure proceedings on their 55,000 acre project on Albuquerque’s West Side, meaning they could lose the land to lenders, and proving false claims by Measure B proponents that DE Shaw’s $29 billion in assets under management back up SunCal at Alameda Point. [...] In this twelve-page letter to SunCal, Alameda City Manager Ann Marie Gallant responds to written comments received from SunCal about the City’s election report. One of the key points she makes tears down SunCal’s claims about “negotiations” to “fix” what’s wrong with the initiative. In the letter, Gallant writes: “the City cannot, at this point, [...] Updated: October 1, to include City of Oakland-provided demolition/abatement costs. The bankruptcy of the joint SunCal-Lehman Brother’s redevelopment project for the former Oak Knoll Naval Hospital has left the City of Oakland scrambling to procure a contractor to perform asbestos, lead-paint and fire-hazard abatement on City of Oakland property, while facing heat from nearby residents. [...] According to an article in the September 21 edition of the Daily Bankruptcy Review, a for-pay publication of Dow Jones, October 15th is likely to be a key date that determines the fate of SunCal Companies and two dozen failed California real-estate projects, including Oak Knoll Naval Hospital in Oakland. [...] The New Mexico Independent is reporting that an environmental Group called Conservation Voters News Mexico (CVNM) announced their annual legislative scorecard yesterday, wherein they dinged New Mexico Governor Bill Richardson for his support of SunCal’s efforts to secure a massive tax-increment-financing subsidy for a sprawling Albuquerque development project. With ongoing push-polling, Alameda voters are getting [...] We’ve been reporting about SunCal’s attempts to get a $408 million tax increment subsidy bill through the New Mexico legislature in support of their sprawling project on Albuquerque’s west side, and how it portends for SunCal’s Alameda Point project, and the tax-increment subsidy they want from Alameda taxpayers. New Mexico legislators speak-out in this Associated [...] The New Mexico Independent is reporting that a $408 million tax-increment subsidy bill for SunCal and their West Mesa project, outside of Albuquerque, New Mexico has failed twice, each time on a 33 to 33 vote tie. SunCal wants tax increment subsidies for their proposed project here in Alameda, at Alameda Point. “Get Real!” That’s the message a group of New Mexico residents are sending in response to SunCal’s efforts to push through the legislature a $408 million tax increment subsidy for their West Mesa project in Albuquerque. Here in Alameda, SunCal has indicated it will cost roughly $700 million in infrastructure for their Alameda Point Project, [...] |
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