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CLOSED SESSION The meeting was adjoumed to a closed session at 7:05 p.m. to confer with Deborah Acosta, Real Property Negotiator, regarding the purchase of the San Francisco Bernal Avenue property. The meeting reconvened in open session at 7:55 p.m. 6. PUBLIC HEARINGS AND OTHER MATTERS Item 6a Purchase of the San Francosco Bernal Avenue Proi~ertv (SR 99:347) Deborah Acosta presented the staff report. Susan Rossi explained how general obligation bonds work and how to calculate a property owner's obligation. Ms. Michelotti asked for clarification of the homeowner' s exemption. Ms. Rossi explained that the general obligation bond assessment would be based on the assessed value of the property, not on the perceived market value. Homeowners are allowed a deduction of up to $7,500 from the assessed value of a home and the balance is the figure used for the assessment. Mayor Tarver pointed out that the assessment for the general obligation bond is tax deductible. Ms. Ayala asked for clarification on the median assessed value and the tax implications thereof. Ms. Rossi indicated the median assessed value of a home in Pleasanton is about $272,000; so half the homes are less than that and half are more than that. About 11% of the residential stock are at pre-Prop. 13 assessed value. Ms. Ayala felt that about half the residents will pay about $80 a year. Ms. Acosta indicated staff is still exploring the possibility of other public agencies participating in this sale. Ms. Ayala asked if it would be possible to reduce the amount of the bonds by participation of public partners by the March election. Pleasanton City Council 2 Minutes 12/02/99