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$1,560,000
<br /> LIMITED OBLIGATION REFUNDING BONDS
<br /> CITY OF PLEASANTON
<br />DUBLIN CANYON ROAD REASSESSMENT DISTRICT NO. 1990-1
<br />(COUNTY OF ALAMEDA, CALIFORNIA)
<br />
<br />INTRODUCTION
<br />
<br /> The City of Pleasanton (the "City") was incorporated on June 18, 1894. The City is
<br />located in the southeastern section of Alameda County (the "County") approximately 40 miles
<br />east of San Francisco and 25 miles southeast of Oakland and contains approximately 15
<br />square miles of land area.
<br />
<br /> The City of Pleasanton Dublin Canyon Road Reassessment District No. 1990-1 (the
<br />"District") is comprised of approximately 22.119 acres divided into 8 assessed parcels
<br />designated in the City's General Plan for hotel/motel and commercial areas. The District
<br />includes parcels of land in various stages of development. For more information about the
<br />District, see the section herein entitled "THE DISTRICT'.
<br />
<br /> The City's Dublin Canyon Road Improvement Project (the "Improvement Project")
<br />consists of the acquisition of public improvements including roads, curbs, gutters, and utilities
<br />and the construction of improvements to Dublin Canyon Road and signalization of the
<br />Foothill Road and Dublin Canyon Road intersection.
<br />
<br /> The Bonds, which are being issued to refund the bonds originally issued to finance the
<br />Improvement Project (the "Refunded Bonds") are secured by a reassessment lien (the "Lien")
<br />equal to the amount of the unpaid principal plus interest on the Bonds. The reassessment lien
<br />levied for the Bonds is a subordinate lien on all of the 6 parcels assessed in the District.
<br />
<br /> The commercially zoned parcels which will pay annual installments upon
<br />reassessments levied for the District are owned by four property owners. See the
<br />Reassessment Diagram included herein as Appendix A for the area included in the District.
<br />The four property owners in the District are Farmers Insurance Group, J. Andrew Krake,
<br />Harbor V~ew Investment, Inc., and Holiday Inn, Inc.. The Farmers Insurance Group parcels
<br />(1, 2, 3, 4) total approximately 12.71 acres. Two buildings, both occupied by Farmers,
<br />consisting of approximately 166,000 square feet are on the parcels. Parcels 5, 7, and 8 totaling
<br />4.429 acres are undeveloped. Finally, parcel 6 totaling 4.98 acres, owned by Holiday Inn, Inc.,
<br />is the location of a 214 room hotel owned and operated by Holiday Inn. For more
<br />information about the property owners, developers, and current status of development, see
<br />the sections herein entitled "THE DISTRICT--Development Within the District" and "--
<br />Property Ownership Within the District".
<br />
<br /> An appraisal dated March 19, 1990, of the land which will pay annual installments
<br />upon assessments levied (the "Appraisal") has been prepared by Carneghi-Bautovich &
<br />Partners, San Jose, California. The appraised fair market value of the land included in the
<br />District is based on the current status and condition of each parcel, but considering the effect
<br />of the Improvement Project, mainly the acquisition of intract improvements in the District.
<br />According to the Appraisal, the estimated fair market value of the land is $10,005,296, which
<br />is 6.10 times the totalassessment liens of $1,639,973 (which includes $79,973 principal amount
<br />of Bonds previously issued by the City of Pleasanton under Assessment District No. 1986-7
<br />and Assessment District No. 1986-4 and with respect to which the Bonds described herein are
<br />subordinated). According to the records of the Alameda County assessor's office, the value of
<br />the improvements as of June 30, 1989 are not less than $26,336,203. Therefore, the estimated
<br />value of land and improvements in the District is not less than $36,341,499, which is 22.16
<br />times the aggregate assessment of $1,639,973. A letter from the Appraiser, which contains
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