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r Commissioner Sullivan asked if an analysis had been done to estimate what the City's additional share of interest costs would be if the school is not built in ten years. He asked what the City's cost would be for this project. Mr. Swift advised that an estimate of interest costs has not been done. Commissioner Sullivan noted that the potential costs to the school district and the City are unknown. Chairperson Maas stated that they are not certain when or if the school will be constructed. She further stated that she is looking for the amenity for the City, in addition to the preferred route for the PG&E line and the road, that will draw the Commission to this agreement. It was noted that the road provides for the opportunity for the school and that residents in this area want the new Vineyard Avenue. Commissioner Arkin noted that the City has already committed to the development. In response to Commissioner Arkin's question as to what the City is relinquishing by entering the development agreements, Mr. Swift advised that the City is giving up the ability to unilaterally change the Specific Plan or the PUDs that the Planning Commission approved. Commissioner Sullivan asked that staff request that the school board indicate its plan for the proposed school prior to this matter going to City Council. Discussion ensued regarding the possible situations related to the potential time frames for the school construction. /""'- Commissioner Sullivan suggested that the City's Finance Department look at a worst-case scenario as to what it would cost the City to participate in this project above and beyond what was anticipated in the original finance plan if no houses are built in ten years. He stated that he would like the City Council members to have this information before making a decision. Commissioner Sullivan moved to recommend approval of the draft development agreements subject to the following: (1) City staff shall ask the Pleasanton Unified School District for an update or some assurance that it still wants to go forward with the construction of the Vineyard Corridor elementary school as soon as possible (this information shall be provided to the City Council prior to the Council acting on this matter); (2) the City Finance Department shall look at a worst case scenario as it pertains to additional costs to the City as a result of interest payments on bonds or certificates of participation; (3) a section shall be added to the development agreements requiring that the documents be recorded with the County; and (4) the City shall explore any options to prevent PG&E from installing the 230KV line on old Vineyard Avenue in the event that the development agreements are not approved or the new road is not constructed. Commissioner Maas seconded the motion. r- May 14, 2002 Page 8 PLANNING COMMISSION MINUTES