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Mayor Hosterman called for a break and thereafter, the Council reconvened its regular meeting with all members present. 15. Approved the Financing Plan for the Bernal Specific Plan as recommended by the Bernal Financing Committee and directed staff and the Committee to regularly update the Plan to track current expense and revenue information; include a copy of the Plan with any report/recommendation concerning Program related capital expenditures; and update the Plan as part of the Bi-annual Capital Improvement Budget Economic Development Fiscal Officer Wagner said the property is a total of 318 acres with a total of about 300 acres that would be available for development as the Bernal Park. There is an active sports facility similar to the City's sports park, with lighted fields and amenities and approximately 250 acres dedicated for open space park. It will have a grand meadow design with over 1,000 trees and some have referred to it as Golden Gate Park. There will be a youth center, a community center and a civic arts center and she described the possible uses for each. She said staff developed capital costs projected to be $128.9 million and operating costs over a 17 year financing plan total about $31.9 million. The operating costs are estimated to be $1.8 million, on an annual basis over 17 years, so it escalates approximately 5% per year. By the 17"' year in the plan, operating costs are estimated to be over $3 million per year. Therefore, the total financing plan is $160.8 million. Ms. Wagner presented a PowerPoint presentation outlining the Committees work. Councilmember Sullivan confirmed the $80,000 amount would be a function of organized sports participants in the community for all parks. Ms. Wagner also noted this fee would not require voter approval. Councilmember McGovern asked how often would the City would need to go back for an election on a parcel tax, and she noted it was every four years for the school districts. Ms. Wagner said the City could tie it to some period of time such as 20 or 30 years and it would need to sunset. Councilmember McGovern said the committee also spoke of donating things to the park as a way of fundraising, whether it was for a tree landscaping plan or whether it is benches or other, public items and she confirmed the City dedicates $1 million for this. The Committee also discussed the fact that once people are using the park, there might be a possibility of a bond to be re-looked at, however, the survey results showed people wanting the City to use the funds it has and then return to the taxpayer when it needs to. Councilmember Thorne said in going through funds available, it would take at least 30 years to build the park out if we relied on our current revenue streams due to capital costs going up every year. Also, the other Tri-Valley cities would be looking at the TOT tax as well for other purposes and most will go up to 12% as well. Councilmember Sullivan confirmed that the City currently does not have $110 million in funds. Ms. Wagner said the Committee asked staff to run out the scenario just funding it with the $2.5 million transfer. The problem is that eventually the operating costs are equal to $2.5 million, so there is no excess transfer from the general fund to the CIP program. So, they could not implement 100% of the project. Councilmember Sullivan asked Ms. Wagner to again display the phasing plan and she described it. He questioned whether the plan was to build out phases 2, 3 and 4 before the open City Council Minutes 14 November 6, 2007