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Subject: FW: Centerpointe Church's Sale to Ponderosa Profits Them <br /> Attachments: QuestionsAndAnswers041914 to Congregation.pdf; City Council Agenda Report for <br /> Ponderosa Homes Application 10.6.2015.pdf <br /> SUPPLEMENTAL MATERIAL <br /> Provided to the City Council <br /> After-Distribution-of-Packet — <br /> From:Sandy Yamaoda (] <br /> Sent:Saturday, October 03, 2015 2:28 PM OCT 0 5 2015 <br /> Date <br /> To: Mayor and City Council<citycouncil(dcityofpleasantonca.gov> <br /> Subject:Centerpointe Church's Sale to Ponderosa Profits Them <br /> Dear Mayor Thorne,Vice Mayor Brown and Council Members: <br /> As a 26 year resident of Pleasanton, I truly enjoy the amenities and diversity we have in our City. <br /> When I read in the Pleasanton Weekly and Independent newspapers that you might consider rezoning 4.23 acres church <br /> land to residential zoning for 25 new homes in an effort to help the finances of the Centerpointe Church, I did some <br /> research online. I found the attached document to the members of their congregation and have included a quote <br /> below. <br /> As they note themselves,the church has many options of selling this land zoned "Public and Institutional" including to <br /> another church, but they opted to sell to a land developer(and their"partner") to make more money. Rumors floated <br /> about their financial difficulties, but to my surprise I learned from this document that they will net more than $3 million <br /> dollars profit! Please reject their goal of making money off of land rezoning—it is the wrong precedent to set in our <br /> community. We have so little church land (Public and Institutional land) left, please don't allow them to sell off one of <br /> the few parcels in town. The right thing to do is for the church to sell their land to another church,even if they pocket <br /> less money. It is not the job of a city council to help a church make more money by rezoning land for them. Please <br /> reject this proiect. <br /> Q. How many options did the elders and the workgroups pursue? (3'"Question, Page 2 of the attached document) <br /> A. Eight potential options were identified and analyzed. Five were not feasible.Two were feasible, but were <br /> substantially less viable from a financial standpoint.They were: selling the church parcel to Ponderosa and retaining the <br /> preschool parcel and leasing it to create an ongoing revenue stream and,selling the entire parcel to one buyer(if to a <br /> developer, it would be a higher value—if to another church,the value would be much lower). <br /> Q. Once the sale of the land is complete,and we honor all of our financial obligations,what financial resources are <br /> projected to be left over? (4th Question, Page 2 of the attached document)A. Based upon current information,after <br /> paying off the mortgage loan,the short-term line of credit, internal cash flow borrowing, cost of land sales,and <br /> continuing our mortgage payments until the sale is complete, it is currently estimated that$2,965,000 to$3,400,000 will <br /> remain. <br /> Sandy Yamaoda <br /> 3405 Byron Ct. <br /> Pleasanton,CA 94588 <br /> 1 <br />