RES 02107 - Laserfiche WebLink

MEMORANDUM OF UNDERSTANDING PLEASANTON GOLF COURSE THIS MEMORANDUM OF UNDERSTANDING (MOU) is entered into this __ day of ,2002 between the City of Pleasanton, a municipal corporation, ("City") and the individuals identified on Exhibit A ("Landowners"). RECITALS A. In 1997, the City Council formed a Golf Course Committee (Committee) to review the possibility of a City owned golf course. B. The Committee reviewed possible sites for the City golf course. One of the Conunittee's preferred golf course sites was a 300 +/- acre site in the unincorporated area of Alameda County, south of Pleasanton. C. The Landowners, who own 312 +/- acres in south Pleasanton, which acreage is described in the attached Exhibit B (the "Core Property"), brought a proposal to the City for the development of the Core Property for a golf course and residential units. The parties have worked together to jointly develop this MOU to best meet the objectives of the City to develop a municipal golf course and to create a structure whereby the Landowners can be economically compensated for the sale of their land and the impact of the Golf Course on the land retained by the Landowners. City staffhas worked with the Landowners to develop a proposal which would allow the City to purchase at fair market value part of the Core Properly to allow the City to construct a golf course and provide related open space (the "Golf Course Property"), and to create 37 single family residential lots (i.e., 34 new lots, plus 3 lots for existing and replacement homes) (hereinafter referred to as "Lots") on the remainder of the Core Property (the "Residential Property"). D. The City has completed a feasibility and financial analysis for the golf course. The City also commissioned an appraisal of the Core Properly. Based on the appraisal, the value of the approximately 292 +/- acres of Golf Course Property to be acquired was determined to be approximately $7,200,000. E. Currently there is no public water or sanitary sewer service to the Core Property. If the City were to purchase and develop the Golf Course Property, it would need funds to extend public utilities (water, sewer, etc.) to the Golf Course Property, to construct a water storage tank, and to construct the golf course and the support buildings; it is assumed that this will be accomplished by the City issuing bonds or providing other funding, and the payments for such bonds would be provided by the cash flow from revenues from the golf course. Page 1 of 8