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Beyond the text of the Initiative, it will also have financial impacts on the City in the <br />form of lost annual and one-time revenues. More significantly, the Pleasanton Unified <br />School District will receive fewer school impact fees for construction of new facilities <br />and related capital improvements than otherwise forecasted through build out. <br />Because of the complexity of hillside development, it is anticipated that an extensive <br />public process will be needed to develop such regulations to clarify the terms and <br />application of the Initiative, and harmonize it with existing City regulations. As that <br />process takes place, property owners impacted by the Initiative may still proceed with <br />their development applications, and the City will be called upon to consider specific <br />projects while simultaneously considering regulations with broader application. <br />The Save Pleasanton's Hills & Housing Cap initiative has highlighted longstanding <br />community dedication to regulating hillside development, and firmly adhering to the <br />housing cap and growth management. Irrespective of whether the Initiative is approved <br />by the City Council or submitted to the voters (who would either approve or disapprove <br />it) in November, the Initiative has been a catalyst for the expected update of hillside <br />development regulations and grading ordinance to reaffirm City goals for open space and <br />view protection, as well as sensitive, planned housing development. <br />39 <br />