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6. Adopt a resolution approving a letter of understanding regarding payment by GI-IC Bernal Investors of $4.5M to fulfill its obligations for the Bemal interchange improvements. FINANCIAL STATEMENT In October 2000, the City of Pleasanton entered into a development agreement with GHC Bernal Investors, LLC (BIC). As outlined in the agreement, BIC is obligated to fund the Bemal interchange improvement. The development agreement called for the establishment of a Bernal Interchange Account, As the City incurs environmental, design and construction cost directly relating to the construction of the interchange improvements, the City will pay such costs from the Bemal Interchange Account. BIC is required to make up any funding deficiency in the Bernal Interchange Account to pay for interchange improvement work. Projected expenditures are summarized in Attachment 2. BACKGROUND In July 2001, City Council approved a Consultant Services Agreement with Mark Thomas Inc. to prepare a Project Study Report/Project Report Environmental Document for the modification of the I-680/Bernal Avenue Interchange. These reports were required to obtain Caltrans approval to construct the interchange improvements. The 2005 General Plan made significant changes to the Circulation Element, eliminating the West Las Positas Interchange. This change significantly altered the traffic assumptions that were used in the 2001 Project Study Report. As a result, in September 2008, City Council approved a Consultant Services Agreement with Kimley- Hom and Associates, Inc. to conduct a detailed analysis of the 1-680/Bemal Avenue interchange to study various design alternatives to meet future traffic demands. The supplemental analysis completed in 2008 identified a preferred interchange alignment that was different than the 2001 design. The supplemental analysis provided a two phase approach to the construction of the interchange improvement. Phase 1 of the I-680/Bemal Avenue interchange project installed a traffic signal at the intersection of Bemal Avenue at the 1-680 southbound ramps. This signal installation was completed in late 2008. Phase 2 of the interchange project will be completed in two separate stages. Stage 1 will be completed with this construction contract and will modify both of the signalized intersections at the 1-680 interchange at Bemal Avenue. At the 1-680 northbound on- ramp intersection, one westbound through lane will be converted to a shared through/right, turn lane for the northbound on-ramp to reduce vehicle queue and congestion. At the 1-680 southbound on-ramp intersection, one westbound through lane will be converted to a second westbound left turn lane to the southbound on-ramp to reduce vehicle queue and congestion (see illustration at the top of the next page). Page 2 of 6