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6. PUBLIC HEARINGS AND OTHER MATTERS Item 6a 1997-98 Year End Report (SR98:275) This item was continued to the November 17 Council meeting. Item 6b Consideration of the North Sycamore Specific Plan Financing Ham (SR98:269) Brian Swift presented the staff report. Mayor Tarver asked staff to clarify the phase "for the estimated bonding capacity." Mr. Swift said the Finance Plan looks at whether there is enough value on the four funding developers' properties to determine whether an assessment district'would be feasible. It was determined there would be, under traditional assessment district mechanisms. That is why the Finance Plan itself does not propose a Mello Roos District. A private funding vehicle uses the same rules as is used with a public financing plan. Mayor Tarver asked if staff would explain the differences between Options 1, 2 and 3. Mr. Swift said Option 1 as recommended by staff follows the North Sycamore Specific Plan: in allocating a portion of the east-west collector and a portion of the: widening of Sunol Boulevard, i~cluding the traffic signal at Sunol and Sycamore, not only to properties within the Specific Plan boundaries but also to properties that would utilize the roads coming from the southeast Sycaxnore area. Option 2 would delete the east-west collector street from potential reimbursement from properties outside the Specific Plan boundaries. Option 3 deletes the east- west collector but also the share of the Sunol Boulevard widening from the properties to the southeast. Mayor Tarver declared the public hearing open. Patrick Costanzo, Jr., Vice President of Development for Greenbriar Sycamore Valley Company, 7901 Stoneridge Drive, Suite 504, thanked staff for its efforts in finalizing the Finance Plan. He believed that the allocations were fair and equitable as recommended in the North Sycamore Specific Plan and as recommended by City Council in February. He is in agreement with the conditions of approval recommended by staff and the recommendation for City Council to approve the plan as presented in Option 1. He also agrees with the additional condition of approval recommended this evening as Condition No. 3. In February City Council approved the conceptual Finance Plan for the area wide infrastructure. At that time there was a request to go back and look at certain items within the plan and how costs could be reallocated Pleasanton City Council 5 11/03/98 Minutes