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Ms..Williams said Taubman would like to get Canyon Way built. There are no plans to expand at this time but there could be requests within the next nine months. She said Taubman has addressed all the concerns. Mayor Tarver asked if Taubman is willing to build the improvements if Wells Fargo says no. Ms. Williams said she would be looking to the City to force Wells Fargo to stand by its agreement. She said Taubman is offering to build Canyon Way and fund its share of the West Las Positas interchange or whatever alternative is chosen. Mayor Tarver said it is frustrating to have development agreements that appear to mean nothing. Ms. Williams asked who cares more to have Canyon Way built, Wells Fargo or Taubman. She felt it was clearly Taubman and it is ready and willing to build Canyon Way. Bob Gibney, counsel for the Taubman Company, said staff approached Taubman to try and resolve this situation short of litigation. The City does not want litigation. Taubman wants Canyon Way built, it wants the traffic improvements done. Taubman is not trying to be difficult, it was the fight time to look at the overall commitments to the Stoneridge Mall. Taubman may never use the expansion, but yet it is willing to pay for the improvements to Canyon Way and the West Las Positas interchange (whatever those may be). It is very important to Taubman to have something with which to negotiate with the future department stores. He said Taubman is trying to respond positively. Ms. Ayala asked for feedback from Council. This proposal sounds reasonable as long as the City has the ability to take back the square footage if the West Las Positas study shows it should be. She wanted the shopping center to be competitive. It is the regional shopping center for the area and the City's income stream needs to be protected. Mr. Pico did not agree. He did not believe Taubman would lose its competitive advantage if the agreement was not entered into today. The City would not be able to take back the development in the future. The City has entered into contracts that cannot be enforced. There are too many issues that still need to be addressed and seven months would not make a critical difference. He felt Wells Fargo would start development before its agreement expires. He wanted to have more information. Jeff Brinton, counsel for Wells Fargo, clarified the differences between the Wells Fargo reimbursement agreement that deals with fronting money to fund specific improvements and the Wells Fargo development agreement that is a separate agreement entered into with the City. The development agreement does not address specific traffic improvements. The development agreement is an agreement vesting certain development rights and for that there was a payment Pleasanton City Council 10/21/97 Minutes 20