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Ms. Acosta also said there were the traffic improvements that would come with the <br />build-out of North Pleasanton. <br /> <br /> Mayor Tarver asked if it was staffs opinion that if Wells Fargo were asked to front the <br />money, would it decline? Does the City have any recourse? <br /> <br /> Mr. Roush said if the demand were made on Wells Fargo and Wells Fargo said no <br />because it had not started to build then, the City's option would be to take steps to terminate the <br />agreement. This would be a lengthy process. Because the terms of the agreement expire in the <br />year 2000, if Council is not satisfied then letting the agreement lapse could be an option to <br />pursue. Then, under the existing Taubman development agreement, the City could make the <br />demand on Taubman to put in the improvements. <br /> <br /> Mr. Pico asked if the improvements are required for Taubman to proceed with the <br />current expansion Council has authorized. <br /> <br /> Mr. Swift said portions of them are required right now. <br /> <br /> Mayor Tarver asked if staff had contacted Wells Fargo as to when it would start building. <br /> Mr. Swift said Wells Fargo has not indicated when it would be ready to start building. <br /> <br /> Mayor Tarver asked if the City still held 675,000 sq.ft. of sewer capacity for Wells <br />Fargo. <br /> <br /> Mr. Swift said yes. <br /> <br /> Ms. Dennis asked if Wells Fargo's permission was required for the changes to <br />Taubman's development agreement. <br /> <br /> Mr. Swiftsaid no. <br /> <br /> Mayor Tarver declared the public heating open. <br /> <br /> Cheryl Williams, 200 E. Long Lake Road, Bloomfield Hills, Michigan, representing the <br />Taubman Company, thanked staff for its excellent staff report. She addressed the sales tax <br />implications of approving the request for 202,000 sq. ft. additional expansion. Assuming $247 <br />per sq.ft. in 1997 for the entire 202,000 sq.ft., then the incremental sales volume would be <br />$49.8 million. The City receives approximately 1% of this amount for the General Fund. This <br />would increase with inflation. The Stoneridge Mall contributed approximately $3 million to the <br />City's general fund in 1996. In addition, a table received from the Finance Department shows <br />sales tax generation from five area malls, with the Stoneridge Mall contributing the highest <br />amount of sales tax. Taubman is known in the industry for developing and operating shopping <br /> <br />Pleasanton City Council 10/21/97 <br />Minutes 16 <br /> <br /> <br />