6.1) Hearing to consider approving an Amended and Restated Disposition, Development and Loan Agreement with 2205 Railroad Avenue LLC to develop a four-story hotel on the southeast corner of Railroad Avenue and South Livermore Avenue, which includes a site acquisition loan for 2205 Railroad Avenue LLC to develop a parking facility on 2080 Railroad Avenue; to declare that the parcels to be transferred from the City to 2205 Railroad Avenue LLC are identified for disposition for the development of a hotel in the Livermore Successor Agency’s Long Range Property Management Plan and are exempt surplus land; and authorizing a supplemental appropriation of $1,923,750 from the General Fund for the site acquisition loan.
It is unconscionable to loan money to build a private hotel parking lot with public funds, especially when the city cannot afford to fund essential services without wanting to raise our sales and property taxes. If the city can afford to loan $1.9M for a private parking lot for a hotel, then you do not need new taxes to support essential services. In general, I do not support using public funds for any private development. If the private developers cannot raise private funding for their projects, then clearly financial institutions do not think the project is viable. The city has already funded this project too much by declaring the hotel property "excess", thus essentially giving the land to the developers.
It is unconscionable to loan money to build a private hotel parking lot with public funds, especially when the city cannot afford to fund essential services without wanting to raise our sales and property taxes. If the city can afford to loan $1.9M for a private parking lot for a hotel, then you do not need new taxes to support essential services. In general, I do not support using public funds for any private development. If the private developers cannot raise private funding for their projects, then clearly financial institutions do not think the project is viable. The city has already funded this project too much by declaring the hotel property "excess", thus essentially giving the land to the developers.