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Board removes contingency on Measure A funds for Coliseum Connections to avoid construction delay
Summary
The Alameda County Board of Supervisors voted unanimously Jan. 23 to remove a contingency tying Measure A housing-bond funds to bond issuance for the Coliseum Connections project, allowing the developer access to financing needed to keep modular production on schedule.
The Alameda County Board of Supervisors voted 5–0 on Jan. 23 to remove a contingency that had restricted access to Measure A housing-bond funds for the Coliseum Connections project in East Oakland, enabling the developer to access lender funds needed to meet an imminent modular production payment.
The board considered a two-part staff recommendation to reconsider a previous October action that had conditioned Measure A disbursements on bond issuance. County staff told the board the project had closed construction financing in September but could not use the bulk of its construction lender and tax-credit investor funds until the county contingency was removed. County…
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