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Mr. Sweeney indicated Prudential is offering an additional three acres, because Council is saying the 6.6 acres is not enough. He does not want five acres taken on Lot (30. If Council does not like the 6.6 acres and decides not to buy it, then we are back to trying to mutually agree where to place the five acre park on the 79 acre parcel. Ms. Michelotti's point was that the original condition would be satisfied by purchasing the 6.6 acre park. The price is considerably lower than elsewhere. Mr. Sweeney stated the price is approximately $105,000 per acre, less than half what the park dedication ordinance would normally pay. You might not pick that site if you paid $280,000 an acre. Staff is convinced this is a nice neighborhood park site and will serve other projects besides the 79 acres that has already paid park fees: Verona, Spring House, Hacienda Commons, Hacienda Gardens. It was offered at a lower price because Prudential wanted the City to buy that piece. It is worth more than $730,000. If the City chooses not to buy it, Prudential will sell it to someone else for more than $730,000. However, we will be back at the condition that Prudential provide a five acre park on or near the 79 acres. Mr. Pico summa~z~ the position of Mr. Sweeney that the City can buy 6.6 acres at the offered price, but a condition of doing that is that the City cannot ask for more than three acres of park land on Lot 60. If Council wants more than three acres, the Prudential will not sell the 6.6 acres at the offered price. Mr. Sweeney indicated that was correct. He did not want to negotiate this every two weeks. He made it clear Prudential was not offering three acres outside of the Spanos project. Ms. Micheloff asked for an explanation of the NPID bonds. Mr. Sweeney indicated the apartments have not been required to pay off the NPID bonds. Those bonds would stay in place. On the for sale housing, the bonds are paid off for each residence. Ms. Michelotti asked for further information on the low income figures. Mr. Bocian indicated the income ranges from $31,000 to $44,300. The rents range from $776 to about $1,108 for a two bedroom unit for a family of four. There being no further testimony, Mayor Tarvet closed the public hearing. Mr. Pico described what he perceives as the North Pleasanton area. He asked how many people would live in that area at buildout and how many acres of park are there now? Mr. Swift did not have the population figures. He said there were no City park acres at this time. There are many acres of private parkland associated with projects. Mr. Swift then reviewed how the requirement for a five acre park was imposed on the 79 acre parcel. 03/19/96 -10-