Alameda residents may want to attend tonight's ARRA/CIC/City Council meeting, wherein the Evil Developer is asking for an extension to their Exclusive Negotiating Agreement to allow for help from their new financial partner, Shadowy Financiers. After scrutinizing and re-scrutinizing all nine pages of the staff report to City Council for the meeting, Inaction Alameda was able to uncover the following shocking truth: There, buried under all the details of the Evil Developer's financial crutch from Shadowy Financiers, is a shocking little word indicating that the Evil Developer is seeking to earn profits by developing Alameda Point.
Deep within the report, on Page 3, in the middle of an almost impossibly long, rambling sentence, so-called Staff note the plan to adopt a quote-unquote term sheet that contains provisions such as "how PROFITS will be disbursed among the parties based on an established internal rate of return" [emphasis added by Inaction Alameda for dramatic effect]. The numerous members of Inaction Alameda, whose many names it would be economically dangerous to reveal, are shocked…shocked!
Last year, we were all led to believe that the Evil Developer was running a charitable organization whose only goal was to make Alameda the Happiest Place on Earth. Now, thanks to the Harvard-grade academic research perpetrated by Inaction Alameda, the shocking truth has finally been brought to light: The Evil Developer is developing Alameda Point not out of the goodness of its dry, withered heart, but rather to make money. For shame!
Tuesday, August 19, 2008