CCMIN 05042021 - Laserfiche WebLink

confirmed this proposal would allow the City to continue with the interchange improvement even if the legal system interrupts or ends the Costco project. In response to Councilmember Balch's inquiries, Director of Finance Olson clarified some of the retail areas would not be growing in square footage and therefore not generating additional trips. In response to Councilmember Narum's inquiries, Director of Finance Olson clarified there is a $2 million budget for the right of way acquisition where property owners would have an option to reduce their JDEDZ Fees. She confirmed the City would be writing a check in the case of parcels two and three. Traffic Engineer Tassano clarified those two parcels do not require any right of way because the traffic signal construction will stay within the edge of the roadway. He confirmed this would also apply to parcel one. In response to Councilmember Narum's inquiries, Traffic Engineer Tassano clarified the range of fees per square foot for retail is because those spaces will generate either more or fewer trips to the development depending on the business. He confirmed existing spaces could pay different levels than they currently do. In response to Councilmember Testa's inquiries, Director of Finance Olson stated Costco is paying a $1 million cash contribution. She clarified Costco is not getting reimbursed for the cash contribution based on the 2017 agreement. She advised they were the first one out and wanted to get the project going. She clarified Costco will be reimbursed for the $6.7 million loan portion only. In response to Councilmember Arkin's inquiry, Director of Finance Olson reported the transportation improvements are going out to bid now. Traffic Engineer Tassano clarified it will be bid out in the next month or so with inflationary costs tied in. Director of Finance Olson advised the agreement with Costco leaves any costs including overruns entirely on the City for Stoneridge Drive and 1-680. She added they would share any other cost overruns 50/50. Director of Engineering Steve Kirkpatrick advised it is important to note these are cost estimates and do not yet have a bidder. He explained the estimates are conservative and he expects bids in line with these numbers. In response to Councilmember Arkin's inquiries, Director of Finance Olson confirmed parcels two and three are not being expanded so any redevelopment would be limited to the same square footage. She confirmed the other existing retail spaces are set to be expanded to some degree and any cost overruns would be shared 50/50 between the City and Costco. She clarified the additional cost estimates are shared 50/50 and thus the City's cash contribution matching Costco's. She clarified the additional $750,000 for the City in 2017 is 50% of the right of way. She advised the negotiated agreement called for the City and Costco to share cost increases 50/50. City Manager Fialho clarified it was a negotiated deal point where the JDEDZ improvements minus the Stoneridge Drive and 1-680 interchange would be apportioned out 50/50. In response to Mayor Brown's inquiry, Traffic Engineer Tassano confirmed the ACTC grant does not have a risk of expiring in 12 months because they are good with extensions for reasonable reasons and that the JDEDZ Transportation Fee would be on top of the standard City fees. Mayor Brown advised Item 16 would be brought back at the next Council meeting because it is after 11:00 P.M. Mayor Brown opened and closed the public hearing. MOTION: It was m/s by Narum/Testa to introduce and waive first reading of Ordinance No. 2215 amending Title 3 of the Pleasanton Municipal Code to add a new Chapter 3.44 establishing a Johnson Drive Economic Development Zone (JDEDZ) Transportation Fee and adopt and waive full reading of Resolution No. 21-1212 amending the master fee schedule to set the fee. and allocate 5.2 million City Council Minutes Page 6 of 7 May 4. 2021