September 8, 2026
California Tax Credit Allocation Committee
California Debt Limit Allocation Committee
901 P Street, Suite 213A
Sacramento, California 95814
Re: Stardust Gardens – City of Alameda Operating Subsidy Commitment To Whom It May Concern:
The City of Alameda (“City”) is providing this operating subsidy commitment for Stardust Gardens, the first phase of the City’s RESHAP replacement housing project at Alameda Point. MP Stardust Gardens Associates, L.P., a California limited partnership (“Owner”), will develop, own, and operate Stardust Gardens pursuant to a Disposition and Development Agreement with the City.
The City commits to provide an operating subsidy of up to $1,000,000 in the first year, escalating by 2.5% annually, for a period of 20 years, for a total commitment of up to $25,545,000, or until an alternative subsidy source with comparable funding is secured. The subsidy will be funded from Alameda Point funds (not City General Fund funds) and will commence upon completion of construction and initial occupancy of Stardust Gardens, as provided in a subsequent agreement between the City and the Owner.
On September 1, 2026, the Alameda City Council authorized this commitment and authorized City staff to provide this letter in support of the Owner’s financing application for Stardust Gardens. The City and the Owner will enter into a subsequent agreement implementing the commitment and establishing the terms governing the operating subsidy, including payment procedures, eligible uses, reporting and documentation requirements, and other applicable terms and conditions.
This letter is provided for consideration by the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee in connection with the Owner’s financing application for Stardust Gardens.
Please contact Abby Thorne-Lyman, Base Reuse and Economic Development Director, at [email protected] or 510-872-2686 if additional information is required.
CITY OF ALAMEDA,
a California charter city and municipal corporation
By: __________________________________
Name: Gerry Beaudin
Title: City Manager
ATTEST:
By: __________________________________
Name: Lara Weisiger
Title: City Clerk
RECOMMENDED FOR APPROVAL:
By: __________________________________
Name: Abigail Thorne-Lyman
Title: Base Reuse and Economic Development Director
APPROVED AS TO FORM:
By: __________________________________
Name: Len Aslanian
Title: Acting City Attorney
City Manager’s Office 2263 Santa Clara Ave., Room 320., Alameda, CA 94501 (510) 747-4700 Community Development Department 950 West Mall Square, Suite 205 Alameda, CA 94501-7552 510.747.6898/ TDD 510.522.7538 City of Alameda · California