Published:
Another Bay Area City Nears Bankruptcy; News Conference Set Tuesday
A new advertising spot now running on CNN and other prime-time news program warns that Alameda may be the next Bay Area city to file bankruptcy - especially if it adopts a plan to be announced this week to privatize Alameda Point.
The spot will be previewed at a NEWS CONFERENCE: TUESDAY 10:30 a.m. at The Forgeworks (450 W. Atlantic Ave., Alameda) www.theforgeworks.com.
Alameda is near bankruptcy - rolling "brown-outs" of city fire stations are being planned and the city faces tens of millions of dollars in lawsuits - yet a $700 million "bail-out" using city redevelopment funds may be used to "privatize" Alameda Point, charges "Save Our City! Alameda" (SOCA), a coalition of Alameda residents and local organizations
The group says the situation is so dire it is running the hard-hitting television campaign beginning to inform the general public about the mess. Details of the project will be provided at Tuesday's news conference where the spot will be previewed only for the news media.
The television spot - airing on CNN, Fox News and other cable news channels in the Alameda area - asks Alameda citizens to "Stop the 'bail-out'" and "Protect public safety" by urging Alameda officials to reject the proposal, which be the subject of a public hearing later this week in Alameda.
"SunCal, a private developer, wants $700 million in City funded redevelopment bonds to bail them out, and subsidize the required infrastructure upgrades for the project, so they can profit from building housing. Alameda taxpayers will be left footing the bill for this bail-out of SunCal," said David Howard, a spokesperson for SOCA.
Tags: Politics, top news, Business, california
Search News
Daily News
