CITY OF ALAMEDA RESOLUTION No.__________
AMENDING THE BASE REUSE BUDGET TO INCREASE
EXPENDITURE APPROPRIATIONS BY $100,000 TO ESTABLISH
A LIABILITY RESERVE ACCOUNT FOR THIRD-PARTY CLAIMS
WHEREAS, staff is recommending approval of a property management agreement with RiverRock Real Estate Group (RiverRock) for an additional three (3) years; and
WHEREAS, RiverRock expressed concern about its continued financial ability to assume all liability for its managed properties and requested that the City assume more of the liability for its properties, particularly with respect to property conditions that existed before RiverRock became property; and
WHEREAS, staff researched other public agencies with prop erty management companies and discovered that it was commercially reasonable for the City to assume a greater proportion of the liability than it has borne historically; and
WHEREAS, staff is proposing appropriation of $100,000 from the Alameda Point/Base Reuse fund’s unappropriated fund balance to establish a liability reserve account for claims from pre -existing conditions at City properties to be used to address third-party claims against the City related to RiverRock-managed properties; and
WHEREAS, the Council has considered the report and recommendations of the City Manager on the budget amendment and has determined that the budget amendment is both fair and appropriate; and
WHEREAS, this budget amendment ensures that the City of Alameda has exercised prudent judgment in its fiduciary responsibility as guardian of the public tax dollars.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Alameda that the budget amendment to the Alameda Point/Base Reuse budget to increase expenditure appropriations by $100,000 to establish a liability pool for third-party claims is approved.
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I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly adopted and passed by the Council of the City of Alameda in a regular meeting assembled on the 18th day of January 2022, by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the seal of said City this 19th day of January 2022.
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Lara Weisiger, City Clerk
City of Alameda
APPROVED AS TO FORM:
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Yibin Shen, City Attorney
City of Alameda