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CI)- Kiewit PAUL E.WHITE Director of Real Estate (402)271-2809 (402)271-2830 la paul.wtuteakewt.com September 24, 2013 Planning Commissioners, City of Pleasanton c/o Janice Stern, Planning Manager City of Pleasanton 200 Old Bernal Avenue Pleasanton, CA 94566 RE: Planning Commission Agenda Item 6b. East Pleasanton Specific Plan Dear Planning Commissioners: We are asking for your support of the recommended "Preferred Land Use Plan", Plan 5C as described in the Staff Report for the East Pleasanton Specific Plan which is on your agenda Tuesday evening as Item 6b. Over the past year and through ten meetings, the Task Force has spent significant time evaluating the constraints and opportunities of the properties within the Specific Plan boundary and have selected this plan as the Preferred Plan to be addressed in the Specific Plan EIR. This plan does a good job of incorporating many of the comments from the various commissions, City Council, the public, and the Task Force. The plan provides a mix of land uses that will (i) maximize the value of the land so the Plan can potentially be financially feasible (ii) provide an acceptable ratio of single family to multifamily units (65%/35%) and (iii) provide an acceptable percentage of the RHNA requirements for the next two cycles. We do have two items that we would request that the Planning Commission consider: 1. The residual value of Option 6 is currently not being maximized and is actually lower than Option 5C even though it has more units. This plan was originally introduced as the maximum number of units for EIR purposes in case the costs of the plan end up requiring the additional units to enable the specific plan to be financially feasible. We recommend some modifications to Option 6's single family detached land use acreages to increase the value. Attachment A provides a table which illustrates the Land Use allocation for Option 6 and one with suggested modifications to Option 6, labeled 6 Modified. This actually reduces 151 of the 11 dua units down to 8 dua and moves 52 of the 4dua to 8dua so overall the suggested modification increases the number of lower density units by 99 due to having fewer 11 dua units. The increased value is estimated between $12.4M and $13.3M based on our land values and EPS' land values respectively. KIEWIT INFRASTRUCTURE CO. 1000 Krelwt Plaza,Omaha.NE 68131 (402)342-2052 (402)271.2830 FAX