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development on the Staples Ranch property.) An inflation factor <br />will be included on all additional shared improvement <br />contributions made in the future. Should property owners elect to <br />build portions of an additional shared improvement, they would <br />receive credits against their total shared improvement costs. For <br />instance, if Alameda County constructs the Arroyo Mocho bridge for <br />Stoneridge Drive, the County would receive credits against their <br />total $10.7 million shared improvement costs. <br /> <br />SCHOOL SITE <br /> <br />Per the Specific Plan, the proposed cost distribution assumes that <br />a five-acre school site will be provided in the Specific Plan on <br />the Chu property. Because the cost of the site ($1 million) is <br />less than the amount of school fees that can be collected from the <br />Specific Plan development (about $2.75 million), and because State <br />law only permits land dedication or fees, but not both, it is <br />assumed that normal school fees will be used to purchase the five <br />acre school site on the Chu property. The five-acre site is not <br />included in the calculation of "developable land". <br /> <br />Recent estimates by the School District project that the remaining <br />$1.75 million after purchase of the school site will not be enough <br />to pay for an elementary school facility. Of course, the school <br />is located to serve other new development not included in .the <br />Specific Plan boundary (eg. Bren, Busch). The Council has <br />recently conditioned projects in this area to be constructed only <br />if school capacity is available. Staff will be working with the <br />Specific Plan property owners, the School District, and other <br />properties that would use the proposed Stoneridge Drive school to <br />seek a method of funding school facilities for the site, timed to <br />meet the needs of new residents. <br /> <br />ENVIRONMENTAL ASSESSN~9~T <br /> <br />An EIR was certified by your Council for the Stoneridge Drive <br />Specific Plan. Since the attached cost distributions are simply <br />a clarification of the financing program within the Specific Plan, <br />no further environmental assessment is necessary. <br /> <br />FISCAL IMPACT <br /> <br />The cost distribution tables are calculated to cover the cost of <br />all major public improvements identified in the Specific Plan. <br />Property owner contributions are for a four-lane Stoneridge Drive <br />in a six-lane right-of-way, with landscaping in the remaining <br />easement. Should future traffic conditions require a six-lane <br />road through the area, the widening would need to be paid for by <br />City funds. There are no additional capital costs for the City. <br /> <br />SR:90:136 <br /> --3-- <br /> <br /> <br />