SR 05:309 - Laserfiche WebLink

/ ""\ 6F pLEASANTONo City Council Staff Report November 15, 2005 Finance Department Law Department SUBJECT: FUNDING AGREEMENT BETWEEN BART, PLEASANTON, DUBLIN AND ALAMEDA COUNTY CONCERNING THE WEST PLEASANTONIDUBLlN BART STATION STAFF RECOMMENDATION: Authorize the City Manager to sign the Funding Agreement in a final form as approved by the City Attorney SUMMARY: BART intends to construct a new BART station, to be located near the Stoneridge Mall (West Dublin/Pleasanton Station), BART will issue bonds to finance the station's construction, In connection with the construction of this new station, BART intends to sell or lease adjacent property that it owns for commercial, office and residential (on the Dublin side) development. BART will need to pay debt service on the bonds and will pay operating and maintenance costs for this new station using revenues derived from the station, including parking ancillary to the station. In order to establish a reserve fund for the bonds and for payment of expenses related to the operation of the station, BART has requested that Pleasanton, Dublin and the Surplus Property Authority of Alameda County commit to providing a certain level of funding, Pleasanton's commitment would be one million dollars, with half to be paid within the next few months (when the bonds are sold) and the other half to be paid two years thereafter. BART may use the funds to pay debt service on the bonds or to pay expenses related to the operation of the station if revenues are not adequate to pay either or both, To the extent that the funds are not used by BART, they will be returned to the funding parties, on a pro rata basis, five years after the date of the second payment. SR:05:309 Page I --_.".