SR 05:053 - Laserfiche WebLink

The Specific ?/an provided a conceptual financing plan for Vineyard Corridor ingrastmcture by establishing lot shares, or lot share equivalents, to fund the construction of the required core infrastructure, including those improvements already constructed. Plan Area developers were to complete the remaining necessary core infrastructure components concurrent with on-site development. The Financing Plan had envisioned that developers who advance funds for this purpose, considered "Funding Developers" under the Financing Plan, would be eligible for reimbursement as subsequent development takes place and Specific Plan fees arc paid. Unfortunately, a downturn in the economy had caused the Specific Plan developers to delay their plans to move forward with the Specific Plan infrastructure improvements. In 2002, the Pleasanton Unified School District and the City Council decided that completion of the new Vineyard Avenue roadway was in the best interests of the School District and the City, and that funding of the required basic infrastructure, in advance of residential development within the Corridor, would be appropriate. The proposed roadway improvements were intended to provide access to the future Neal School site and to accommodate the preferred alignment for the PG&E 230kV underground electrical transmission line. By combining resources from a variety of sources, including the City's advancing funds that it had expected to receive from other developers, such as Signature Properties, funding the required infrastructure improvements was possible. As provided in the Financing Plan, to the extent any funding source pays more than its fair share, there will be reimbursement as new development pays Specific Plan fees. Reimbursement Agreement To facilitate construction of the initial phase of roadway improvements, the funding developers for the Vineyard Avenue Corridor Specific Plan agreed that Greenbriar would contract for the required infrastructure improvements (it contracted with DeSilva Gates Construction) and that Greenbriar would provide construction management. The City would assemble the funds for this work and reimburse Greenbriar. The City and the developers estimated the cost of the infrastructure improvements for this initial phase of roadway improvements to be approximately $6.6M (including mass grading, design, and construction support services, including a management fee). The base construction cost for roadway improvements including the school loop road was $$,259,981. In addition, the net cost of completing roadway grading (after PG&E's reimbursement for a portion of this work) was approximately $700,000. Consulting fees for construction support were estimated at $250,000, with management fees estimated at approximately $270,000. SR 05:053 Page 3 of 6