Prologis CCIG Oakland Global LLC the development team for the Oakland Army Base lead by Phil Tagami was dealt two serious blows during the last week. The first blow was the decision made by the Oakland Port Commissioners to terminate the Exclusive Negotiation Agreement (ENA) on Port side of the Oakland Army Base. Additionally, Anthony Foxx the head of the Federal Government Department of Transportation announced the Grant awards for 2014 from the Department of Transportation. The City of Oakland's grant application failed in this round to receive critical funding that was going to be used for the rail operation/Wharf on the Oakland Army Base Project.
The decision to terminate Tagami's ENA on the Port side of the Oakland Army Base largely is due to the fact that Prologis CCIG Oakland Global LLC has failed to provide the necessary private financing, The Port Commissioners felt it would be fiscally irresponsible to provide public financing beyond the limited scope required under the Economic Development Conveyance application which conveyed the former Oakland Army Base to the City and Port.
This document clearly establishes what the private investment dollars needed, for a successfully completion of the project which Tagami's team as failed to comply.
The Department of Transportation awarded 72 grants out of 797 applications in 46 states, Six of the grantees were in California.
The failure of Oakland to receive a grant award in this round, is a serious blow to the Oakland Army Base development for the rail operation on the Base.
This underscores a more critical need for private financing dollars from Tagami's team Prologis CCIG Oakland Global LLC.
The City however, continues to underwrite/subsidize Tagami's team.
The future of the Oakland Army Base Development Project is in dire difficulty if private financing is not brought into the project..
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