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