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439 Mr. Mohr asked if there were other property owners on Stanley Boulevard that had a condition similar to Condition No. 16 on their properties. Mr. Swift replied that the condominium complex to the west of the site has a Deferred Street Agreement to build its portion of the reconstructed Stanley Boulevard-Del Valle Parkway if and when that street area is modified. He explained that the street improvements in front of the project would not change until Del Valle Parkway realigns into a three-lane street. He added that the final design of that street has yet to be completed. Ms. Mohr inquired how the value of the bonds staff is recommending for the area would be established if the plan has not been finalized. Mr. Swift replied that the calculation would be based on the current rate for future street improvements. Mr. Glanville commented that he did not understand why the developer should be responsible for future improvements which have not been planned to date. He stated that future agreements should be at the time of the improvement by an assessment district. Mr. Brandes asked staff if creating an assessment district is a possibility for resolving the issue. Mr. Swift said yes; however, it is possible that the property owners would not vote for that assessment district. He explained that the reason for this condition is to ensure that it takes place. Mr. Glanville inquired if the agreement remain with the developer or be transferred to the homeowners association once the units are sold. Mr. Swift replied that it would go with the individual owners of the land. Mr. Frank Auf der Maur, 4534 Bernal Avenue, stated that he basically agreed with Mr. Glanville's statements. Mr. Frank Wilcox, for George and Mary Lou Wilcox, 3988 Stanley Boulevard, stated that his parents had no objection to this proposed development. There being no further testimony, Mr. Mercer declared the public hearing closed. 8-21-90 - 15 -