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Mayor Pico asked how many acres of land are required for this project. <br /> <br /> Mr. Iremonger answered that it is close to 280 acres of golf course and open <br />space, plus a conservation easement on 107 acres. <br /> <br /> Councilmember Michelotti asked about the extended period of time for the return <br />of the investment and the recent change of interest rates. <br /> <br /> Mr. Iremonger said five to seven years would be required to recover the cost. He <br />said the interest rates have been stable and are still within the range planned. <br /> <br /> Councilmember Campbell asked about the reduction of golf play in the area. Is it <br />a function of the general economy or too many courses? <br /> <br /> Mr. lremonger said a study of the East Bay shows a lack of 2.5 golf courses of <br />this caliber. According to what they are seeing, there is still room to grow. The <br />accessibility and location of Pleasanton is important. There are 200,000 people in this <br />area without a viable 18-hole golf course. The location has an easy access from the <br />Fremont and San Jose area. <br /> <br />There being no further speakers, the public hearing was closed <br /> <br /> It was moved by Councilmember Ayala, seconded by Councilmember <br />Dennis, to (a) Approve the Amendment of Memorandum of Understanding for the <br />Happy Valley Golf Course and Open Space property acquisition and Growth <br />Management classification; (b) Approve the clarification of the Development <br />Agreement with TTK Partnership to update water and sewer infrastructure costs <br />and Growth Management classification (PUD-99-07); (c) Approve the clarification <br />of the Development Agreement with New Cities Development Group to update <br />water and sewer infrastructure costs, reimbursement items, and Growth <br />Management classification (PUD-97-12); (d) Approve the Amendment of the <br />Agreement with Black Mountain Development Company to update water and sewer <br />infrastructure costs; (e) Approve the Agreement with East Bay Regional Park <br />District for partial funding of property acquisition on Pleasanton Ridge; and (f) <br />Authorize staff to proceed with the Happy Valley annexation election. <br /> <br />The roll call vote was as follows: <br />AYES: Councilmember - Ayala, Campbell, Dennis, Michelotti and Mayor Pico <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br /> Mayor Pico excused himself from the Item 6 (1) and (2) because of property he <br />owns in the area. He then called for a break at 8:45 p.m. <br /> <br />Vice Mayor Dermis recalled the meeting to order at 8:55 p.m. <br /> <br />Pleasanton City Council 8 04/02/02 <br />Minutes <br /> <br /> <br />