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403 Downtown Area Specific Study, now underway, to include compilation of data necessary to exercise a most informed judgement as to the long term impact of this policy on the community, and to complete the study within six months so as not to unreasonably delay a decision for those parties with pending interests. Mr. Gene Finch, President of the Downtown Association, stated his group had met with the applicant and have sympathy for their position but it is the position of the Downtown Association that the banking location policy remain intact, at least until the feasibility study is completed. He felt the study should be done as soon as possible so that future applicants for banks will have a better understanding of the resolution. Mr. Ralph Arbeloa, President of Amador Valley Savings and Loan Associa- tion, presented his letter sent to Council on December 31, 1986, expressing objection to a conditional use permit being issued to allow for a bank in an existing building not in compliance with City Council Resolution No. 73-34, banking location policy. He advised his bank had to comply with this regula- tion in October 1986 for their new branch office at 1711 Santa Rita Road. In theory, if Amador wished to close its Main Street office it would also have to close all branch offices and cease to exist in Pleasanton, which he felt was a ridiculous situation. He urged Council to reject the proposed application and reaffirm it banking location policy, which he felt would be in the best inter- ests of the downtown area and the community now and in the future. Mr. Geoff Etnire, 4322 Fairlands Drive, President of the Chamber of Com- merce, stated he felt a six to eight month delay until after completion of the Downtown Study would not cause any risk and would allow Council a choice in determining future policy for banking institutions. He stated the possibility of financial firms moving out of the downtown area underscores the need for the policy. He advised Bank of Pleasanton unanimously supports the present policy as well as the Bank of America. Mr. Levine rebutted the opponents by stating that he would prefer Council consider banking applications on a case by case basis, which would still allow them control. He stated there is nothing to lose by allowing Security Pacific Bank to locate in ~eyer Business Park, and a lot to gain. He stated a six month delay is too long and he did not feel the proposed study would reveal any new information. He urged Council to make a decision tonight. There being no further testimony, Vice Mayor Mohr declared the public hearing closed on this item. Councilmember Butler stated that this City Council and previous Councils have always been supportive of the downtown, but we have to look at where the City is now. The policy has obviously worked and it is important to maintain a mix of uses in the downtown. He stated that at this point he did not see a substantial risk at looking at a case by case modification to the policy. He stated that if Council had foreseen the level of business parks at the time the policy was formed business parks might have been included. Councilmember Butler stated he is supportive of considering financial institutions on a case by case basis as well as it applying only to business parks; Council would be able to look later to see if there is any harm of banking in a business park. Councilmember Wilson stated the policy has worked to date and he did not feel it should be changed. Developers and property owners have invested 7 - 2-3-87