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City of Pleasanton Planning Commission October 10, 2017 Page 2 o To maintain Costco willing to move forward with the Pleasanton site, we agreed to sell Costco our 15.6 -acre Main Campus parcel, instead of entering a long-term ground lease. While this modification of the terms yields a lower overall financial return to Nearon, it was necessary to facilitate the funding of the transportation improvements. • We are in earnest negotiations to sell two parcels totaling five acres with a reputable Hotel developer to build two Marriott -flag hotels. If the JDEDZ phasing allows it, they intend to proceed with development immediately upon the EDZ's approval. • Upon completion of the anticipated land sales to Costco and the Hotel developer, coupled with two prior sales of buildings along Commerce Circle, Nearon will own one, approximately 14,000 SF building on less than 1 acre of the 40 acres within the JDEDZ. We are encouraged by the progress made in recent months, and continue to support the overall purpose and goals of the JDEDZ. While our role has evolved during this four- year planning and study process, and will result in our company only owning property amounting to less than 5% of the JDEDZ, our dedication to the improvement of this region along Johnson Drive remains strong. Best Regards, Tony Perino, President of Nearon Enterprises P14-0852 and PUD -105, JDEDZ - Public Comments Provided for October 11, 2017 Planning Commission Meeting 11