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11
City of Pleasanton
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CITY CLERK
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2022
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062122
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6/17/2022 8:15:28 AM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
6/21/2022
DESTRUCT DATE
15Y
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(c) One Million Nine Hundred Twenty Thousand Dollars ($1,420,000) upon <br />Costco's certification and the City Engineer's verification, that the Stoneridge Drive and I-680 <br />Project is seventy-five percent (75%) complete; <br />(d) One Million Six Hundred Thousand Dollars (51,600,000) upon <br />completion of the Stoneridge Drive and I-680 Project and the acceptance of the work by the City <br />or State, as applicable. <br />Should the approved Stoneridge Drive and I-680 Project Cost Certification <br />submitted pursuant to Section 3.10 evidence that Costco expended less than $6,400,000, Costco <br />shall refund to the City within thirty (30) days following approval of the Cost Certification any <br />funds paid to Costco by the City that were in excess of the actual out of pocket expenditures <br />made by Costco. Notwithstanding the Six Million Four Hundred Thousand Dollars ($6,400,000) <br />limitation contained in this Section 4.1, to the extent the Stoneridge Drive and 1-680 Project Cost <br />Certification evidences that Costco paid Stoneridge Drive Cost Overruns the City shall reimburse <br />Costco for the Stoneridge Drive Cost Overruns within sixty (60) days following approval of the <br />Cost Certification. <br />Section 4.2 Costco Reimbtu•setnent Amount. <br />(a) Upon acceptance of the JDEDZ Street Improvements by the City and <br />approval of the Cost Certifications set forth in Section 3. 10, the outstanding balance of the <br />Costco Construction Costs shall be reduced by (a) Three Million Seven Hundred Thousand <br />Dollars (53,700,000) to reflect a fee credit granted to Costco against Costco's obligation to pay <br />the Traffic Development Fee and (b) up to Three Million Eighty Five Thousand Dollars <br />($3,035,000) (the "Costco Contribution Amount") to reflect Costco's contribution to the <br />development of the Project Improvements. The remaining outstanding balance, if any, of the <br />Costco Construction Costs shall be paid to Costco up to a maximum Six Million Seven Hundred <br />Eighty Five Thousand Dollars ($6,785,000) in accordance with Section 4.3 hereof. The <br />outstanding balance of the Costco Construction Costs shall accrue simple interest at the rate of <br />one and one-half percent (1.5%) annually. Payments on the interest on the outstanding balance <br />of the Costco Construction Costs shall be in addition to the Six Million Seven Hundred Eighty <br />Five Thousand Dollars (56,785,000) maximum. <br />(b) The Costco Acquisition Costs shall be paid in accordance with Section 4.3 <br />hereof. The Costco Acquisition Costs shall not bear interest. Collectively the Costco <br />Construction Costs, plus any accrued interest on the Costco Construction Costs, and the Costco <br />Acquisition Costs shall be referred to herein as the "Costco Reimbursement Amount" <br />(c) The City shall reimburse Costco for the City's portion of any Cost <br />Overruns, pursuant to Section 3.5, paid by Costco on behalf of the City within sixty (60) days <br />following approval of the Cost Certification. <br />Section 4.3 City Reimbursement of Costco. Commencing on the first October 1st <br />following the end of the first Fiscal Year in which (lie Costco Store is opened and operating and <br />on each October Ist thereafter continuing throughout the Term, the City shall pay to Costco forty <br />percent (40%) of the Sales Tax received during the immediately previous Fiscal Year, along with <br />10 <br />1310 0112318870.8 <br />217/2018 <br />
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