San Jose
From the meeting · City Council, · 0:50
Appellant group's speaker argues city has money riding on vote
At the hearing on appeals of a downtown apartment project, a speaker for one of the appellant groups raises the city's earlier, separate purchase of a building from the same developer, which, she says, included a performance bonus tied to this project.
a member of the public
Automatic captions
Speech-to-text from the recording, unchecked.
a member of the public In June, you approved buying the Knox Goodrich Building from Urban Catalyst, the same developer, for 3,600,000.
a member of the public The site was appraised at approximately 2,800,000.
a member of the public You approved paying $820,000 over the appraised value.
a member of the public Urban Catalyst did not accept the appraised price.
a member of the public Per the approval menu, dollars 975,000 of that money is in escrow and goes to the developer as a performance bonus if they satisfy a performance metric related to vertical construction for The Gifford by December 31.
a member of the public The Gifford is the project we're talking about right now.
a member of the public Other than item 2.10, you do not have an approved project.
a member of the public Your vote decides whether that payment is released.
a member of the public This is a quasi judicial hearing and the applicant should not have a financial deal with the decision maker writing on the outcome.
Where it's from
- Appeals of 276-unit housing project at 470 West San Carlos Street Item 10.3: what happened
- The episode: Council steers housing study toward transit, accepts police auditor report
- The full recording from here