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ATTACHMENT 5 <br /> TERM SHEET FOR JOHNSON DRIVE ECONOMIC DEVELOPMENT ZONE (JDEDZ) <br /> TRANSPORTATION IMPROVEMENTS (FINANCING AND CONSTRUCTION) <br /> BETWEEN THE CITY OF PLEASANTON AND COSTCO, INC. <br /> INTRODUCTION <br /> This Term Sheet summarizes negotiations between the City of Pleasanton (City) and <br /> Costco Incorporated (Costco), together Parties regarding the financing and construction <br /> of the transportation mitigation projects required for the JDEDZ (Project). This Term <br /> Sheet has been informed by the public review process for the Project, and is subject to <br /> endorsement by the Pleasanton City Council in its sole discretion. <br /> After the Pleasanton City Council endorsement, the Parties will continue to negotiate <br /> and amplify the terms (including all defined terms) in this Term Sheet and incorporate <br /> them into appropriate documents between the City and Costco (collectively, the <br /> "Transaction Documents"). The Project is subject to Government Code Section 53083 <br /> and a report commensurate with the requirements of this Government Code Section will <br /> be prepared at a later date and shall remain available to the public and available on the <br /> City's website for the duration of the DDA. <br /> OVERVIEW <br /> A. The JDEDZ Site and the City's Obiectives/Goals for Development <br /> The JDEDZ area consists of 12 parcels located at 7106-7315 Johnson Drive <br /> and 7035 and 7080 Commerce Circle, comprising approximately 40 acres <br /> and currently containing a mixture of land uses, including some office, retail, <br /> and institutional uses. However, the predominant uses for the past several <br /> decades have been for light industrial purposes, and in many instances, the <br /> unfortunate bi-product has been an overall lack of investment in the area, the <br /> creation of several underutilized properties, aging infrastructure, and a <br /> general lack of economic production and aesthetic degradation. <br /> The objectives of the proposed JDEDZ and associated General Plan <br /> amendment and PUD rezoning are to: <br /> 1. Provide a consistent framework for the City's review and approval of new <br /> uses and projects in the JDEDZ project area, encouraging investment in <br /> and adding value to these properties; <br /> 2. Maximize the benefits of the location of the JDEDZ project area as an infill <br /> site located along transportation corridors and near transit by encouraging <br /> the development of both locally and regionally accessible uses in the <br /> JDEDZ project area; and <br />