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We just received word that developer SunCal's Oak Knoll project in Oakland is going to declare bankruptcy. That'll make Oak Knoll the latest in a string of SunCal projects to declare bankruptcy in recent weeks.
A spokesperson for the company told us the bankruptcy wouldn't affect SunCal's Alameda Point plans (although, to be fair, they also told the Oakland folks that Lehman Brothers' collapse wouldn't affect Oak Knoll, but the Point has a different financial backer).
Apparently, SunCal is going to be billing the Chapter 11 filing as a win, because they're saying it'll enable them to seek other financing for the Oak Knoll project.
We'll have more on this for you as it comes. In the meantime, here's a preview in the form of a Los Angeles Times story on two other SunCal project bankruptcies, apparently driven in part at least by Lehman's collapse.
The Alameda Unified School District’s finance chief laid out the impacts of Gov. Arnold Schwarzenegger’s budget proposal for next year, and they are grim. Under the proposal, the district could lose more than $4 million in state funding for the current year and 2009-2010. And that’s not counting the $650,000 it will lose when the new Nea Community Learning Center charter school opens next year, taking an anticipated 250 students off the district’s rolls.
If the governor’s plan were to be enacted, the district could face layoffs and even the loss of five days of the school year, district chief financial officer Tim Rahill said, though it could allow the district to take money out of “categorical” programs – money that is designated for specific programs that can’t be used for any other purpose.
Declining enrollment and increasing costs – Rahill said worker’s compensation costs, for example, will probably rise – will also impact the district’s budget.
“Alameda is facing a state budget crisis. We are facing the opening of a charter school. Also, we’re experiencing declining enrollment,” Rahill said.
He said parcel tax dollars generated by the passage of Measure H could also be used to help cover the cuts, if the board wishes to use those. This year, the district is slated to get $4 million in Measure H tax funds, and it has only budgeted $1.2 million of that.
Schwarzenegger has proposed a number of additional taxes to bridge $31.3 billion in budget shortfalls between the 2007-08 and 2009-10 fiscal years.
The district wants your input on its budget situation. They’ve scheduled budget workshops for February 11 and April 2. We’ll update you when times and locations are available.
If the governor’s plan were to be enacted, the district could face layoffs and even the loss of five days of the school year, district chief financial officer Tim Rahill said, though it could allow the district to take money out of “categorical” programs – money that is designated for specific programs that can’t be used for any other purpose.
Declining enrollment and increasing costs – Rahill said worker’s compensation costs, for example, will probably rise – will also impact the district’s budget.
“Alameda is facing a state budget crisis. We are facing the opening of a charter school. Also, we’re experiencing declining enrollment,” Rahill said.
He said parcel tax dollars generated by the passage of Measure H could also be used to help cover the cuts, if the board wishes to use those. This year, the district is slated to get $4 million in Measure H tax funds, and it has only budgeted $1.2 million of that.
Schwarzenegger has proposed a number of additional taxes to bridge $31.3 billion in budget shortfalls between the 2007-08 and 2009-10 fiscal years.
The district wants your input on its budget situation. They’ve scheduled budget workshops for February 11 and April 2. We’ll update you when times and locations are available.
posted by Michele Ellson at 9:00 AM on Jan 28, 2009
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