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facility and asked for an estimate of the loss of revenue from this property if it is not developed until 2005. Ms. Acosta indicated it is very difficult to estimate the revenue from a series of office buildings without knowing who the occupants would be. A very rough estimate of property tax and sales tax would be between $200,000 and $300,000 a year. In addition there would be one- time fees of about $200,000. Over a five year period that would be about $1.5 million, but keep in mind that is a very, very rough estimate. As to why staff is recommending this, the Planning Director covered that in the staff report and part of the reason is sewer capacity. There could be some advantage in delaying use of the capacity while we are waiting for a sewer expansion project to come on line. Ms. Ayala asked, if the extension is not granted, would Wells Fargo sell the site to someone who would develop right away? Mr. Swift said staff had been told Wells Fargo would sell the site, which has a vested development agreement and project approval. That doesn't mean the new owner would build the project. If it chose to build something different, then the development agreement is open for review and change. Staff feels the current project is a good one and well suited for the area. Ms. Ayala asked if extending the agreement make the property more valuable? Mr. Swift responded that it would give Wells Fargo more time to consider what it wants to do with the property. Ms. Ayala asked, if the agreement were extended could Council change the use of the site if it desired? Mr. Swift said only if the property is sold and a new builder comes in with a new project. Council cannot change the use of the site unilaterally. The Mayor declared the public hearing open on items 6b and 6c. Alice Waterman, General Manager of Stoneridge Mall, reiterated the commitment to go forward with the improvements on Canyon Way regardless of the decision on this agenda item. She felt the Stoneridge Mall makes important contributions to the city in terms of employment, sales tax revenue and a positive attraction to the community. The purpose of the request is to maintain the competitive edge of the Mall. A delay in approving the expansion could cause the Mall to miss opportunities. The only reason existing businesses would approve additional competition within the center would be to strengthen the draw of the center overall and to provide for their own ability to expand. Pleasanton City Council 12/09/97 Minutes 9