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Ms. Michelotti indicated there had been discussions about equity issues for those paying the $8.5 million in advance as compared to those paying $6.50 per square foot. Mr. Roush said there was discussion about whether or not the Cooperative Fee developers should pay only $4.20 per sq. ft. versus the other people paying $6.50 per sq. ft. The result of the negotiations was that the $6.50 developers recognized the Cooperative Fee developers had an existing agreement and that they were obligating themselves for $8.5 million. The $6.50 developers have not objected to the difference between the amount being paid per square foot. Ms. Ayala felt the fee was equal only if the school is actually built. Mr. Roush explained the $8.5 million is less than what the District would pay to build the school and when you calculate that amount and the interest that would have to be paid, that contributed to the overall equity of the agreements, notwithstanding the difference between $4.20 and $6.50. Mayor Pico asked if the Cooperative Fee developers have been asked to advance the School District's share of the infrastructure for the Neal School since the Gift Agreement developers have been unable to do so. Mr. Roush did not think so. Ms. Ayala said she had talked to Jim Ghilmetti this evening. She made it clear she was not against the amendments to the Cooperative Fee Agreement, but she wanted to make certain the whole picture was together. He stated the infrastructure costs on Vineyard Corridor are too great and he did not think the infrastructure could be built unless the number of housing units was increased. Mr. Swift said staffhad not done an economic fee analysis given the new cost estimates for the infrastructure. During the last negotiations with the Vineyard Corridor developers, it was determined that infrastructure costs were getting close to the point where the developers felt their projects were at risk. This was so especially if they had to advance the District's share of the costs as well as their own. Ms. Ayala indicated that at the time the Specific Plan for the Vineyard Corridor was approved, growth was a major issue and there was a desire to reduce the number of housing units. Staff was instructed to formulate a plan with the least number of houses necessary to pay for the infrastructure. She asked how long it would take to modify the Specific Plan? Mr. Swift said the Specific Plan would have to be modified and then the development plan for each project would have to be modified. It would take at least six to nine months, but more likely a year and a half. Mayor Pico invited public testimony. Pleasanton City Council 4 10/02/01 Minutes