CITY OF ALAMEDA RESOLUTION NO. _____
APPROPRIATING $828,905 FROM THE FUND 290 (ALAMEDA POINT) FUND BALANCE TO COVER THE COST OF BROKER COMMISSION WHEREAS, the Base Reuse and Economic Development Department has a need to process accrued commercial brokerage service commissions in excess of the amount currently budgeted for fiscal year 2026-27; and WHEREAS, the value of the proposed new lease with Poseidon Tech Corporation, a Delaware Corporation, for Building 11, located at 1190 West Tower Avenue, at Alameda Point, will exceed the budgeted brokerage service commission allocation with an estimated total brokerage commission of $828,905; and WHEREAS, the Alameda Point Fund (Fund 290) has an available fund balance to accommodate the requested budget increase; and WHEREAS, commercial brokerage services are necessary to continue to generate lease and sales revenue from City-owned properties with leasing activity currently generating a net revenue to the City of approximately $14 million annually, to the Alameda Point (290), Alameda Point Tidelands (291), and Tidelands (216) funds, with smaller amounts to the General Fund and other funds.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Alameda herby amends the Fiscal Year 2026-27 Alameda Point Operating Budget by allocating an additional $828,905 within the Alameda Point Fund (Fund 290) available fund balance to the Professional Services Budget to fund brokerage commission for the lease of Building 11. * * * * *
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 20th day of October 2026, 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 21st day of October 2026. _____________________
Lara Weisiger, City Clerk
City of Alameda
APPROVED AS TO FORM:
______________________
Len Aslanian, Acting City Attorney
City of Alameda
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