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Beyond the text of the Initiative, it will also have financial impacts on the City in the <br /> form of lost annual and one-time revenues. More significantly, the Pleasanton Unified <br /> School District will receive fewer school impact fees for construction of new facilities <br /> and related capital improvements than otherwise forecasted through build out. <br /> Because of the complexity of hillside development,it is anticipated that an extensive <br /> public process will be needed to develop such regulations to clarify the terms and <br /> application of the Initiative, and harmonize it with existing City regulations. As that <br /> process takes place,property owners impacted by the Initiative may still proceed with <br /> their development applications, and the City will be called upon to consider specific <br /> projects while simultaneously considering regulations with broader application. <br /> The Save Pleasanton's Hills & Housing Cap initiative has highlighted longstanding <br /> community dedication to regulating hillside development,and firmly adhering to the <br /> housing cap and growth management. Irrespective of whether the Initiative is approved <br /> by the City Council or submitted to the voters(who would either approve or disapprove <br /> it) in November,the Initiative has been a catalyst for the expected update of hillside <br /> development regulations and grading ordinance to reaffirm City goals for open space and <br /> view protection,as well as sensitive,planned housing development. <br /> 39 <br />