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Mr. Bocian then presented key points of the Development Agreement, stating the agreement becomes effective upon the effective date of the Specific Plan; the PUDs for Hendrick and CLC, whichever comes later. Staff attempted to address any concerns there may be relative to when the agreement would be signed, and also in the event that there was any type of election relative to the PUDs or to the Development Agreement, it would suspend the time when the City Manager would actually execute the agreement. The term of the agreement is 10 years. The annexation must occur within one year of the effective date, and important to note is that there are no specific timelines for development. Councilmember Sullivan confirmed that if, after 10 years, if there was a need for extension for the development agreement, it could be considered. Mr. Bocian said the Alameda County Surplus Property Authority is dedicating the park to the City and constructing all public improvements within the Stoneridge right -of -way and they will be dedicating it to the City also. Mitigations included in the SEIR and EIR are reflective relative to the $1.5 million in off-site traffic and roadway improvements, as well as a sound wall that will be constructed at Marie and Curry Streets, and the $15,000 contribution to public art. Staff has been working on a joint conceptual project with the Cities of Livermore and Dublin relative to public art on the El Charro Bridge. The Hendrick fees are capped at $3.5 million and there is a fee credit of $1.7 million to CLC for the work it will be performing primarily relating to the Neighborhood Park. The Municipal Code relative to public facilities fees provides for a credit to be issued in the event the developer provides improvements. Staff spent time working with CLC to determine what the cost of those improvements are, including the value added that the City will receive in having a turn -key park. Finally, the development agreement incorporates the Staples Ranch policy statement, which the Council approved last week, which includes all of the information relative to the opening of Stoneridge Drive, and how this occurs. The Purchase and Sale Agreement relating to the Stoneridge Park sets the terms of the sale of the land from Alameda County Surplus Property Authority to the City, and a Funding and Improvement Agreement outlines each parties' responsibilities for improvements on that park. As indicated, the park is 4.8 acres, and the City will own the park at close of escrow. The City will maintain and operate the entire park and its programs. At the City's option, it may create a maintenance and /or assessment district for the maintenance of the detention basin area of the park. Regarding CLC's fee credit, it pertains to the work it will be doing in the neighborhood park, as well as providing funding for the good neighbor fence construction management services and construction of the detention basin. All parties will share in the cost of the detention basin improvements based upon the portion and share of impervious surface. Calculations have been determined to date for all projects and how much storm water detention is required for each development. Regarding cost factors, the estimated cost of the site is approximately $4.8 million. Final costs will be obtained once all parcels are completely worked out. The developers are required to contribute relative to their share of the need for the detention basin; however, Hendrick's is capped at $350,000. The Alameda Surplus Property Authority is also making a contribution for the run -off from Stoneridge Drive for the initial cost, leaving a balance of about $3 million. Staff anticipates paying for it with a portion of cash and some of it will be financed over a 10 year term. The terms of the financing are that the interest rate would be similar to the Local Area Investment Fund (LAIF) currently at .59 %, but it would be adjusted annually. They expect to bring a report back relative to the specific funding of the park when that occurs. City Council Minutes Page 7 of 15 September 7, 2010