CCMIN021798 - Laserfiche WebLink

He described how funds from the sale of this property will provide an on-going stream of funding to be used for future technology which would benefit all young people for years to come. It is the only source of funds available that can be used to set up an endowment fund. Ms. Ayala asked approximately how much would be available and if it would all go towards technology? Mr. James said approximately seven million dollars and it would all go to technology in some manner. The interest would be used annually to update technology throughout the system. Ms. Ayala asked if there had been public input on how these funds are used? Mr. James said there had been numerous meetings where the public was allowed to comment. Once the money is obtained there will be meetings held to determine what the money would be spent on. Ms. Michelotti understood the proceeds would go into some kind of endowment? Mr. James said that is correct. The money would only be used for capital expenditures. Ms. Dennis said the concept of having an endowment fund is very farsighted and complimented the School Board. Mr. James said this is a once in a lifetime opportunity. To be able to obtain the funds needed to provide for the future was very worthwhile. Tom Merschel, 9781 Blue Larkspur Lane, Monterey, 93940, said New Cities Development Group was in the process of submitting an application for the property adjacent to the Greenbriar property. He said several of the proposed conditions listed would have a direct impact on the New Cities development. He stated Condition Number 2, which prohibits any grading or retaining walls on the Kass property, needed to be reviewed. He said there will need to be a certain amount of grading done on the Kass property in order to have the road alignment work. He said they would try to minimize the mount of grading and retaining wall. Regarding Condition Number 12, the financial plan, he asked that there be a public heating before a final decision was made, so New Cities Development would be able to address its concerns. The particular concern was how the reimbursement of funds would be worked out. Condition Number 22, regarding the landscaping and lighting district and forming a homeowners association, would directly affect the New Cities project. He asked for some flexibility in this condition rather than have a master association that would affect the whole area. Lastly, he agreed with Greenbriar's position on affordable housing. New Cities' lots are going to be even larger and there is no ability to provide affordable housing. New Cities Development would like to pay the mandated in-lieu fees like Greenbriar. Pleasanton City Council 2/17/98 Minutes 10