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15 THE CITY OF - -- ~~ ° =~' "" CITY COUNCIL AGENDA REPORT j~L£~S~4NTONo November 6, 2007 City Manager TITLE: APPROVAL OF THE FINANCING PLAN FOR THE BERNAL PROPERTY SPECIFIC PLAN AS RECOMMENDED BY THE BERNAL FINANCING COMMITTEE SUMMARY In 2006, Pleasanton voters approved Measure P which adopted the Bernal Property Phase II Specific Plan outlining public improvements to the Bernal Property. The vision for the Phase II Specific Plan area is to develop a number of public amenities including a community park with lighted sports fields, a youth center, a community center, a civic arts center and open space, in an open park like setting. The improvements included in the Phase II Specific Plan are referred to as the "Program." In response to this voter action, the Council formed the Bernal Financing Committee (Committee) to identify a funding plan to construct, maintain and operate Program improvements. The outcome of this effort is the Financing Plan for the Bernal Property Specific Plan (Plan). In general, the Plan presents the options available to the City for financing the Bernal Property Phase II Specific Plan improvements and outlines a recommended course of action including phased Program improvements. These options include both a "pay-as- you-go" approach which involves funding Program improvements with existing revenues and a "pay-as-you-use" approach involving debt financing. The Plan (Attachment A) is being presented to the Council for adoption and implementation. BERNAL FINANCING COMMITTEE RECOMMENDATION The Bernal Financing Committee recommends the City Council: 1. Approve the Financing Plan for the Bernal Property Specific Plan including the Committee's recommendation for phased Program improvements and financing as detailed on page 14 of the attached Plan. 2. Direct staff to and the Committee to: A. Regularly update the Plan to track current expense and revenue information B. Include a copy of the Plan with any report/recommendation concerning Program related capital expenditures C. Update the Plan as part of the Bi-annual Capital Improvement Budget. FINANCIAL STATEMENT The Capital Improvement Program currently includes $9,375,191 for improvements to Bernal Community Park. Phase I of the Bernal Community Park (lighted sports fields) improvements are estimated to be $8,808,079. The annual maintenance cost for this phase of the Bernal Community Park is estimated to be approximately $350,000. Therefore, the total funding for Phase I of the Plan will come from existing revenues in the Capital Improvement Program for construction costs and the General Fund for