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ATTACHMENT 1 TERM SHEET FOR JOHNSON DRIVE ECONOMIC DEVELOPMENT ZONE (JDEDZ) TRANSPORTATION IMPROVEMENTS (FINANCING AND CONSTRUCTION) BETWEEN THE CITY OF PLEASANTON AND COSTCO, INC. INTRODUCTION This Term Sheet summarizes negotiations that have taken place between the City of Pleasanton (City) and Costco Inc. (Costco) regarding the financing and construction of the transportation mitigation projects required for the JDEDZ (Project). This Term Sheet has been informed by the public review process for the Project, and is intended to form the basis for continued good faith negotiations between the parties. Costco and the City will continue to negotiate in good faith to amplify the terms (including all defined terms) in this Term Sheet and endeavor to incorporate them into appropriate documents (Transaction Documents) for consideration by the City Council. The execution of this Term Sheet does not constitute the grant of any required land use entitlement or permit, and all land use entitlements and permits contemplated by this Term Sheet and required from the City, shall be granted, denied, or conditionally granted in accordance with the City's established procedures and in compliance with all applicable laws, rules, regulations and requirements including but not limited to the requirements of CEQA and the CEQA Guidelines. Notwithstanding any language in this Term Sheet that may be construed to the contrary, the City retains its full discretion to grant, deny or conditionally grant any and all entitlements or permits sought by Costco for the Property, and such discretion includes but is not limited to the discretion to exercise its independent • • judgment and impose on such approvals all mitigation measures and conditions that City determines are required or appropriate under CEQA and the CEQA Guidelines. No action • by Costco or the City with reference to this Term Sheet shall be deemed a representation or warranty to Costco, or to any other person or entity, that the City will issue or approve any entitlements or permits, nor constitute a waiver of any state or City requirements that are applicable to the Project. OVERVIEW A. The JDEDZ Site and the City's Objectives/Goals for Development The JDEDZ area consists of 12 parcels located at 7106-7315 Johnson Drive and 7035 and 7080 Commerce Circle, comprising approximately 40 acres and currently containing a mixture of land uses, including some office, retail, and institutional uses. However, the predominant uses for the past several decades have been for light industrial purposes, and in many instances, the unfortunate bi-product has been an overall lack of investment in the area, the creation of several underutilized properties, aging infrastructure, and a general lack of economic production and aesthetic degradation. The objectives of the proposed JDEDZ and associated General Plan amendment and PUD rezoning are to: 1I ' : :, .•