RES 90059 - Laserfiche WebLink

Development Within the District The parcels in the District are in different stages of development as follows: Property Parcel Size of Parcel Owner Acreage Facility 1, 2, Farmers Insurance Group 12.71 166,000 sq.ft. 3, 4 5 J. Andrew Krake .89 undeveloped 6 Holiday Inn, Inc. 4.98 214 room 7, 8 Harbor View Investment, Inc. 3.539 undeveloped Use office building Northern California claims/ administration offices zoned commercial Hotel zoned commercial 22.119 acres Property Ownership Within the District Farmers Insurance Group Holiday Inns, Inc. Availability of Public Utilities Pacific Gas and Electric Company will provide electricity and natural gas, Pacific Bell will provide telephone service and City of Pleasanton will provide water and sewer services to the District. Property Tax Status Property taxes against the parcels in the District were paid current through December 10, 1989. The Appraisal Reference is made to Appendix B which contains a letter of appraisal dated March 19, 1990 from Carneghi-Bautovich & Partners, San Jose, California (the "M.A.I. Appraiser") summarizing the Appraiser's opinion with respect to the value of the land located in the District. Based upon the analys~s set forth therein, the value of each parcel of land will exceed the amount of the full assessment lien against it. However, there is no assurance that, in the event of a foreclosure sale for a delinquent assessment installment, a bid will be received for such property or that any bid received or resale price will be sufficient to pay such delinquent installments (plus costs and penalties). (See "SPECIAL RISK FACTORS" herein.) The 1915 Act requires that a parcel be sold for only the delinquent amount (plus costs and penalties) and not the entire outstanding assessment.