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RESOLUTION NO. 14-690 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> APPROVING A LETTER OF UNDERSTANDING WITH GHC BERNAL INVESTORS. <br /> REGARDING PAYMENT OF $4.5M TOWARDS BERNAL INTERCHANGE <br /> IMPROVEMENTS <br /> WHEREAS, the City of Pleasanton and GHC Bemal Investors, LLC, (BIC) entered into a <br /> Preannexation and Development Agreement dated October 19, 2000, regarding the dedication <br /> by BIC of about 330 acres to the City in exchange for development rights for the remaining 170 <br /> acres of the Bernal property; and <br /> WHEREAS, as part of the agreement, BIC was also required to fund costs for the Bernal <br /> interchange improvements as described in Section 3.6(a) of that agreement, and the parties <br /> now desire to execute a letter of understanding to clarify that a $4.5M payment by BIC for <br /> remaining Bernal interchange improvements fulfills its obligations under Section 3.6(a); and <br /> WHEREAS, the City Council is considering approval of contracts for additional Bernal <br /> interchange improvements at the same meeting where this letter of understanding is being <br /> considered, and City staff has estimated the costs for remaining phases of the Bernal <br /> interchange improvements for which BIC has responsibility and the $4.5M is sufficient for those <br /> costs. <br /> NOW, THEREFORE.BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br /> PLEASANTON DOES RESOLVE; DECLARE, DETERMINE AND ORDER THE.FOLLOWING: <br /> SECTION 1. Approves the Letter of Understanding, attached as Exhibit A, for a lump <br /> sum payment from BIC to the City for $4.5M to meet BIC's remaining obligations for the Bernal <br /> interchange improvements under Section 3.6(a) of the Preannexation and Development <br /> Agreement, and authorizes the City Manager to execute the letter of understanding, subject to <br /> minor changes approved by the City Manager and City Attorney. <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br /> a regular meeting held on June 3, 2014. <br /> I, Karen Diaz, City Clerk of the City of Pleasanton, Califomia; certify that the foregoing <br /> resolution was adopted by the City Council at a regular meeting held on 3r° day of June 2014, <br /> by the following vote: <br /> Ayes: Councilmembers Brown, Cook-Kallio, Narum, Pentin, Mayor Thome <br /> Noes: None <br /> Absent None <br /> Abstain: None <br /> APPROVED AS TO FORM: <br /> ear:n Diaz, CI y I tic/ <br /> fteiteasta <br /> ,�,i• athan Lowell, City Attorney <br />