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Ann Pfaff-Doss said this October will mark 5 years since the dedication of Alviso Adobe Community Park and it is a fitting time to step back and see what can be done to improve this important asset moving forward. She said there is concern that the park is a relatively static environment and lacks the type of interactive programming and exhibits that would make it a more engaging feature. She requested that the Council consider a provision for a task force to look into ways to promoting the parks natural features in its two year workplan. Mayor Thorne noted that the Council could not comment on matters not on the agenda but also that the Council would be revisiting its two year plan once a new Council member is seated. Dolores Bengtson reminded the Council of her email dated May 5, in which she advised that an informal advocacy group, Friends of the Alviso Adobe, had formed to bring a new focus to the park. The goal of the group is to assist in supporting any action that will result in the park reaching its full potential as an interactive and interpretive cultural destination to which users will want to return again and again. She said the Alviso Adobe Park Project provide an excellent framework for such an effort but the completed park lacks the amenities and details needed to support active programs. It is missing basic features such as running water, electrical outlets, outbuildings and temporary shelters, and garden infrastructure. Both the Parks and Recreation Master Plan and Cultural Arts Master Plan include Alviso Adobe and she believed that both would recommend action or at least a strategic plan to provide clear guidelines in assisting the park in reaching its potential. She asked the Council to take advantage of any opportunity to support such action and also to consider amending the newly approved work plan to include this strategic plan. Kurt Kummer said one of his proudest moments as former Chair of the Parks and Recreation Commission was serving as Master of Ceremonies when Alviso Adobe opened. He concurred with Ms. Pfaff-Doss and Ms. Bengtson that the park serves as a passive use rather than the interactive and engaging feature it has the potential to be. He echoed the request for a strategic plan to look at adding the infrastructure that would help the park reach its full potential. PUBLIC HEARINGS AND OTHER MATTERS 16. Concurrent City Council/Pleasanton Joint Powers Financing Authority Item: Authorize the Payoff of the Outstanding 2003 Certificates of Participation for the Golf Course/Senior Center Project City Manager Fialho introduced the item. Finance Director Wagner presented the staff report, stating that in April 2003 the City and Pleasanton Joint Powers Financing Authority issued $28,425,000 in Certificates of Participation to fund the construction and acquisition of the Callippe Preserve Golf Course ($25.3 million) and to refinance the 1991 Certificates of Participation issued to fund the Senior Center on Sunol Boulevard. In addition to these funds, the General Fund loaned the Golf Course $10 million, which today is down to a balance of $7.5 million. Annual payments on the certificates equal $1.6 million, $1.3 million of which is paid by the General Fund and $300,000 of which is paid from the net operating income of the golf course. The City currently has $20,650,000 in outstanding certificates with an interest rate of 4.6% and final maturity date of October 1, 2032. The remaining payments would total approximately $31.5 million including interest. The City could however elect to pay off the outstanding certificates today, with no prepayment penalty, for approximately $20.8 million which includes the outstanding principle and interest to the estimated call date of June 15`h Staff had reviewed the feasibility of both refinancing and paying off the outstanding debt. Refinancing could reduce the interest rate to approximately 3.5%, which would yield about $60,000 in annual savings or about $1.2 million over the next 20 years. She and the City Manager however noted that the City Council Minutes Page 4 of 12 May 7, 2013