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Commission meetings and workshops, and he said one of the key considerations during the Housing Element update was neighborhood acceptance of projects which is being ignored for this project. He feels this is simply the case of an influential property owner trumping the concerns and interests of the neighborhood, and he could not support the motion. Councilmember McGovern said she is saddened by the idea the City is willing to take 103 year old house and demolish it so new houses can be built. She has concerns about the Downtown Specific Plan and the Council's interpretation of it. It encourages the removal of single family homes, regardless of their age, for high density housing which she feels is wrong. She thinks the house can be incorporated into the development which would probably make it a much better development. She visited the house, thought it had good structure, interesting architecture, and she feels the City is losing something valuable to the community and to the City. Regarding the trees, Councilmember McGovern read both tree reports and both said they trees could be preserved and that they are in good condition. The reason they are being torn down is for homes. She could not support the motion but thinks there could be 9 houses, better setbacks, retention of the old house, trees, and still have a good development project. She also noted that $40,000 will not replace the value of one tree and asked that replacement trees be larger than 15 gallon. She also agrees that the City drastically needs to begin work on a historic preservation ordinance and suggested adopting an ordinance to address dilapidation of homes, as well. MOTION: It was M/S by Hosterman/Thorne to introduce and waive first reading of Ordinance No. 2021 approving PUD-82, David DiDonato, Donato Builders, Inc. — rezone approximately 1.17 acres at 4171 and 4189 Stanley Blvd. from R-1-6,500 (One Family Residential) to PUD-HDR (Planned Unit Development—High Density Residential) and a PUD Development Plan to construct 13 detached single-family homes; as amended to add a condition that the plan be reviewed to allow for more sunlight to the home with PV panels; and, to add greater than 15 gallon replacement trees to the front of the property. Motion carried by the following vote: Ayes: Councilmembers Cook-Kallio, Thorne, Hosterman Noes: Councilmembers McGovern and Sullivan Absent: None BREAK: Mayor Hosterman called for a break at 10:02 p.m., and thereafter reconvened the regular meeting at 10:07 p.m. 12. Consider a resolution approving Sewer Revenue Bond Refinancing by the Livermore Amador Valley Water Management Agency, authorizing execution of the Amended and Restated Sewer Service Contract and related matters Director of Finance Emily Wagner provided a description of the formation, membership, and purpose of the Livermore Amador Valley Water Management Agency (LAVWMA) JPA, stating that in March 2001 LAVWMA issued $142.3 million in sewer revenue bonds. The bonds were issued to rehabilitate sections of the original pipeline built in 1979 as well as to fund construction of an expanded pipeline. Today, there is approximately $124.7 million in bonds outstanding which are callable at any time since August 1, 2011 at par, and the annual debt service is paid by both regional connection fees from new development and regional sewer rates paid by ratepayers. She said the purpose of the refinancing is strictly to save money. The City has gone to great lengths to not change any of the existing agreements between members of the JPA, and the total savings is estimated to be $31.1 million which would be shared amongst all three members of the agency. The annual savings is approximately $1.6 million and of that, Pleasanton's share is $525,000 a year for a 16% reduction in the debt service payment. The net present value savings is approximately $11.8 million which is equivalent to a 9.7% savings. In the industry, the rule of City Council Minutes Page 12 of 16 September 6, 2011