PC-93-25 - Laserfiche WebLink

3. In order to facilitate the completion of commercial, office, and industrial development of the Property, the City and Prudential have modified the PUD regulations (i) to allow greater flexibility in land uses (allowing potentially increased commercial uses and flexibility in lot-by-Iot office intensity), (ii) to finalize the traffic improvements necessary to allow full development of the Property, and (ill) to specify that no residential uses will be allowed on the Property. These modifications were found beneficial to the City in that the total square footage allowed in the Hacienda Business Park would be reduced by 500,000 square feet and total traffic generation would be less than that presently allowed, under any development scenario. Providing increased certainty to Prudential over its ability to develop the Property increases the likelihood that the benefits to City originally contemplated _ increased and diversified tax base, ultimate completion of major public improvements at no cost to City, utilization of in-place infrastructure at a location served by two freeways and, soon, mass transit, and creation of job opportunities - will continue to be realized. 4. Development of Hacienda Business Park occurred in two phases. There were two Phase I Development Agreements, which were executed in separate, but identical (except for the property description), versions on December 6, 1983, between Prudential and City and between CPP and City. A portion of the Property lies within the boundaries of both of these agreements, and Prudential retains all rights from these agreements by virtue of being either the original landowner or a successor-in-interest. There was a single Phase II Development Agreement, executed by Prudential and the City on April 22, 1986. Likewise, portions of the Property lie within the boundaries of this agreement, and Prudential retains all rights from this agreement. The Phase I Development Agreements terminate in 1996; the Phase II Development Agreement terminates in 2000. 5. Completion of Hacienda Business Park was contemplated to take about 25 years, but the extensive improvements identified as being necessary in the studies required by the "Mitigation Measures Agreement" were expeditiously undertaken by Prudential and other North Pleasanton property owners, largely through assessment districts. All improvements to fire facilities, water facilities, local streets, noise mitigation, and freeway interchanges called 2