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Corporate Center actually purchased far more capacity than was necessary for its buildings. After the first three installments, Bernal had more capacity than it needed and did not make the fourth installment when due. The last three installments have not been asked for. In summary, the City will have available to it certain funds that would become the City's if not used by a particular point in time. Of those funds, the City would designate a portion to go to park dedication fees. There will be a reimbursement to Bernai Corporate Center of other funds that is part of the same agreement. In order to finalize all the sewer issues related to the Bernai Corporate Center, the old agreement would be terminated and replac~ with the new agreement, which is modeled after the Hacienda Business Park agreement in which the City enters into a reservation for a small amount of sewage capacity which, when added to other capacity Bernal has purchased, will be sufficient sewage capacity for build out. The City ends up with the interest on the original funds that were deposited. The agreement also allows the Center to keep the left turn pocket from Bernal Avenue to the Business Park and the City's traffic engineer agrees this is necessary to relieve traffic at the Vailey/Bernal intersection. The City also gains 100,000 gallons more sewer capacity for reallocation. The Stoneridge Corporate Plaza has the same issues. There are very few dollars in NPID, but it will assign whatever there is along with surplus Landscape Assessment District funds and interest for its park obligations. The developers would be prepaying their full park obligations for the remaining undeveloped sites. Jeff Brinton, Brobeck, Phieger & Harrison, One Market, Spear Street Tower, San Francisco, representing Wells Fargo, indicated the condition to pay the fees is there and will be paid. The only change is in favor of City; Wells Fargo is only obligated to pay when it pulls building permits. Instead of taking the $64,000 NPID refund, it assigns that to the City. In return, the City agrees to extend the sewer defermerit agreement and development agreement for another five years. The sewer capacity is already paid for. With regard to the traffic and reimbursement agreement, Wells Fargo never thought that someone else would develop first and that was not provided for in the original agreement. In addition, there was a ten year cap that Wells Fargo would not have to reimburse after that time. Wells Fargo is not pulling a fast one on the City. It gives Wells Fargo more time to develop and the City gets money for its park fund. Wells Fargo is still paying its way and staff has negotiated in good faith. Ms. Mohr asked if he had any idea when Wells Fargo would begin construction. Mr. Brinton did not, but things look better now than in 1990-91. Ms. Michelotti referred to the Providian Bancorp situation and felt that it was not clear that it was obligated to pay the park fee. At the most, she felt any fee should be on the last building only. She asked if staff had any negotiations with Providian. Mr. Roush indicated it is Council's decision whether to apply the fee to the Providian property as well as to the Catprop and Charter properties. 05/07/96 -11-