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The property also has significant visual and non-motorized recreational value. The <br /> Castleridge property will be operated as part of EBRPD's Pleasanton Ridge Regional <br /> Park. The park is currently over 8,800 acres in size, contains three ridgelines, is home <br /> to nearly a dozen creeks and tributaries, has a rich cultural history and countless plant <br /> and animal species. The property has a peak elevation of almost 1,500 feet, so on a <br /> clear day park users can enjoy 360 degree views of the San Francisco Bay and the <br /> Peninsula to the west, the pastoral hillsides and wooded valleys of Mt. Diablo to the <br /> east, and exposed peaks of Mission Peak and the Sunol/Ohlone Wilderness to the <br /> south. <br /> Funding <br /> The appraised fair market value of the property is $2,400,000; however, the current <br /> property owners have agreed to sell the property to EBRPD at a discount for <br /> $2,200,000. With a $1,000,000 grant from the Altamont Landfill Open Space Fund, <br /> EBRPD plans to use $1,200,000 in Measure WW funds to complete the transaction. <br /> As of October, the balance of the trust fund for the Western Area (20%) was $932,048. <br /> Funding the request from EBRPD would reduce the funds to below what is currently in <br /> the account. However, a deposit of funds will occur at the end of this year making it <br /> feasible to disburse funds for the Castleridge property since the release of the funds <br /> would not take place until the Spring of 2014. <br /> Advisory Committee Recommendation <br /> The review of the proposal by the Advisory Committee involved a submittal package <br /> and a presentation by EBRPD, and input from Committee members and members of <br /> the public in attendance at the meeting on October 18, 2013. The voting members of <br /> the Advisory Committee voted unanimously to recommend funding of this proposed <br /> property acquisition. <br /> For the reasons set forth above, City staff recommends that the City Council adopt the <br /> resolution in Attachment 1, finding that the proposed grant from the Altamont Landfill <br /> Open Space Fund to the EBRPD for acquisition of the Castleridge property is consistent <br /> with the settlement agreement. <br /> Submitted by: Approved y: <br /> Brian Dolan Nelson Fialho <br /> Director of City Manager <br /> Community Development <br /> Page 4 of 5 <br />