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half, or $2,005,371, within 60 -days of approving the final Cost Certification. (Section 4.2.c). Proposed Amendment One The proposed Amendment One to the Agreement modifies the Cost Overrun reimbursement provisions by increasing the amount that the City will reimburse Costco from the JDEDZ Transportation Fee and 40 percent of city sales tax revenue generated by the proposed Pleasanton Costco store (increasing the loan). For the Stoneridge Drive and 1-680 Project, it caps the direct reimbursement to $11,600,000 with the balance being reimbursed through the loan. For the JDEDZ Street Improvements Costco and the City split the cost increase above the Planning Level Estimate equally, and the half the City reimburses Costco is also done so through the loan. The amendment is included as Attachment 4. The effect of proposed Amendment One, in relation to City budgeting for the JDEDZ Project implementation, is discussed later in this agenda report. Right -of -Way The Agreement requires the City to pay full upfront costs to acquire the land necessary to construct the traffic mitigation measures from property owners along Johnson Drive and Stoneridge Drive. Costco is required to grant the land needed from its property to construct the traffic mitigation measures at no cost to the City. Costco is to reimburse the City half the cost of the right-of-way needed for JDEDZ Street Improvements, and in turn, add the amount reimbursed to the loan at the completion of the project. However, the loan amount for the JDEDZ Street Improvements is interest-free. The land needed to construct the traffic mitigation measures consists of the right-of-way and permanent easements, as well as temporary construction easements beyond the work area that are needed to perform the work but will be restored to pre -project condition and will expire when the project is complete. Excluding the right-of-way and easements needed from Costco, land is required from nine properties to complete the project. Associated Right of Way Services (ARWS) assisted City staff with the land acquisition process. Each property was appraised and offers made. Attachment 5 is a graphic showing all land needed to construct the JDEDZ traffic mitigation measures. Staff has successfully negotiated purchase agreements with seven of the nine affected property owners and remains hopeful that the two property owners yet to enter a purchase agreement will do so soon. The two properties without purchase agreements are at the north end of Johnson Drive with the JDEDZ Project area. Both are located where the existing eastside Johnson Drive curb line remains in its current location as the road is not being widened adjacent to these properties. The land needed from these two properties is an 11 -foot surface easement to allow the construction of a six-foot sidewalk and a five -foot -wide landscaped parkway between the sidewalk and the roadway. The goal is to acquire the surface easements and construct the sidewalk and landscaping along these two property frontages so these features are constructed along the entire JDEDZ Project length of Johnson Drive. However, the City has a 13 -foot -wide public service easement (PSE) underlying the desired surface easement. The PSE will Page 7 of 11