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of cash up front from Wells Fargo and approval of an attractive development. Wells Fargo intended to build this development but because of economic factors it was unable to. Wells Fargo would like the flexibility of building within the next two years or phasing the project. The development agreement does make a commitment by Wells Fargo to participate on a pro- rata basis for future unidentified traffic mitigation improvements. The reimbursement agreement is available to fund the traffic mitigation improvements needed for the proposed development. He said' Wells Fargo would pay its pro-rata share at the time the building permit was pulled. The extension is for the reimbursement agreement that would expire in the year 2000. He felt Wells Fargo was being fair and was not trying to back out of any agreement with the City. Mayor Tarver asked if he felt Wells Fargo was first in line. Mr. Brinton said if Wells Fargo builds, it would front the money. Mr. Roush agreed that the Wells Fargo reimbursement agreement is separate from the development agreement. The reimbursement agreement says that the developer shall pay the City the mitigation improvement costs and payment shall be made essentially when deemed necessary by the City Engineer to allow the City to proceed with the construction of the traffic improvements. It is Wells Fargo's position that the City could not enforce this until it pulls a building permit. Ms. Michelotti asked what the reimbursement agreement is attached to. Mr. Roush said it is a separate agreement. One of the conditions of approval is that there would be certain traffic improvements that would have to be constructed as pan of the project. The way'the conditions are implemented is through the development agreement. Mr. Pico asked if the development agreement would ever expire. Mr. Roush said in the year 2000. Ms. Dennis asked if the expansion is approved for Taubman, and it created a 1% increase in the traffic on Stoneridge Drive intersections, would Wells Fargo be willing to amend its agreement to cut back its traffic by 1%, so there is not a net increase in the traffic in the area. In return for a five year extension, would Wells Fargo be willing to make the traffic issue a wash. Mr. Brinton said Wells Fargo supports the application for the expansion. Based on the traffic studies that have been done, the expansion can be accommodated within the framework of the improvements that have been required. As the improvements are done, the traffic issues are being taken care of. Pleasanton City Council 10/21/97 Minutes 21