CCMIN120299 - Laserfiche WebLink

Ms. Acosta said staff had been reviewing that, but caution had to be exercised because of the prohibition on the girl of public funds. Ms. Ayala asked if staff could determine how many properties are owned by senior citizens. Ms. Acosta said there is no simple way to get that information. Ms. Michelotti said the key is for each property owner to review the tax bill and determine what the assessed value of their home is. Ms. Acosta indicated staff is willing to answer any questions and copies of the staff report will be mailed to a wide variety of people. Ms. Michelotti then referred to a letter received from Albert Tully who indicated he and his neighbors would not support this bond measure. Are public improvements part of the general obligation bond? When public facilities are placed on this land, what happens as far as tax rolls? Does the land become public? Anything on the two sections for development will be on the tax rolls and would pay the bond assessments. She asked for an explanation of the change in annual assessments from $100 million to the current $50 million bond issue. Ms. Acosta said it depends on the interest rate and the term of the bond. One of the biggest changes was moving from a 25 year bond to a 30 year bond. That is why the cost of the bonds came down. Any previous information that was released was merely an estimate. Deborah Kleffman asked if them would be an opportunity for public comment on the ballot language. Ms. Acosta suggested that Council review the options, make suggestions, and then take public comment. The important points to make are that the City is buying a piece of property and in order to do that it is selling general obligation bonds. It is also important to include there will be entitlements to parts of the property for development because that is part of the package. The final language will be brought back on December 7. (Slides of the proposed ballot language options were shown.) Ms. Ayala pointed out that each ballot language option indicates that the public uses will be put to a vote of the people. Does that mean if the School District participates, that a new school would have to be on a future ballot? She did not want to possibly delay school construction in the event the School District is ready to proceed before the City has had an election on the public uses. Pleasanton City Council 7 12/02/99 Minutes