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BACKGROUND <br />City staff has been negotiating with County staff for several years to purchase the <br />Alameda County Transportation Corridor (Corridor) from Stanley Boulevard extending <br />southward to Bernal Avenue. The Corridor, which formerly housed railroad right of way, <br />consists of approximately 10 gross acres and is encumbered with two underground <br />easements and five public street easements. In the northern portion of the Corridor, <br />near Stanley Boulevard, the Arroyo Del Valle runs underneath the Corridor. The <br />Corridor was designated for parking as well as the continuation of the Iron Horse trail <br />system through Downtown Pleasanton in the Downtown Specific Plan and the Master <br />Plan for the Downtown Parks and Trails System. Currently, there are one hundred and <br />twelve temporary parking spaces on (a portion of) the Corridor. Ultimately, parking has <br />been estimated to be expanded to approximately 429 parking spaces on the Corridor. <br />For the purposes of the Purchase Agreement the Corridor is divided into ten separate <br />parcels. The following table presents the information on the ten parcels and is visually <br />depicted in Attachment 1 herein: <br />Assessor <br />Parcel <br />Number <br />Segment <br />No. Location <br />Valuation <br />Southern Property _ <br />094-0157-014-03 1 Bernal to Abbie $ 1,004,062.50 <br />094-0102-006-01 2 Abbie to W. Angela $ 594,037.50 <br />094-0103-011-03 3 W. Angela to W. Neal $ 520,800.00 <br />094-0105-002-02 4 W. Neal to Division $ 847,840.00 <br />094-0106-011-00 5 Division to Spring $ 1,983,340.00 <br />094-0110-046-00 6 Spring to Ray $ 549,920.00 <br />Subtotal $ 5,500,000.00 <br />Northern Property <br />094-0110-046-00 7 Ray to Calic $ 312,750.00 <br />094-0110-048-00 8 Calic to Tessa PI $ 1,320,000.00 <br />946-1680-009-01 9 Tessa PI to Stanley $ 5,000.00 <br />946-1680-009-02 10 Tessa PI to Stanley $ 362,250.00 <br />Total <br />7 <br />To aid the City's negotiations, the City contracted with Smith & Associates to prepare a <br />complete appraisal of the subject property. The County also had appraisals prepared <br />over the course of the negotiations with the City. The agreed upon purchase price to be <br />paid by the City for the Corridor is somewhat less than the appraised value determined <br />by Smith & Associates. <br />Page2of6 <br />