RES 84176 - Laserfiche WebLink

January ll, 1984, the court found that the City had complied with its writ of mandate and if the referendum vote upheld the Council's action, the writ would be discharged and the injunction dissolved. On April 10, 1984, the City Council action was upheld by the referendum vote and subsequently the writ was discharged and the injunction dissolved. A stipulation by all parties to the lawsuit has been entered into which purports to restrict any further legal challenge in this action by either side to the determination of the trial court, and provides that the decision of the trial court shall be final and determinative as to all issues. Therefore, under the terms of this stipulation, which has been entered as an order of the court, all parties agree that there shall be no appeal by either side of the court's decision. See also section herein entitled "Bondowners' Risks". Property Ownership Of the 492.197 net assessed acres in the District, the Prudential Insurance Company of America ("Prudential") owns 399.177 net acres securing an assessment of $14,993,964.58 (81.1 percent of the aggregate assessment of $18,488,000). Callaban Pentz Properties, Pleasanton ("CPP-Pleasanton") owns 86.371 net acres securing an assessment of $3,244,284.88 (17.5 percent of the aggregate assessment of $18,488,000). Together, Prudential and CPP-Pleasanton are referred to as "The Major Landowners". In addition, Crum & Forster own 5.00 net acres securing an assessment of $187,810.98 (1.O percent of the aggregate assessment of $18,488,000), and Pacific Bell, a wholly owned subsidiary of Pacific Telesis, owns 1.649 acres securing an assessment of $61,940.06 (.3 percent of the aggregate assessment of $18,488,000). See the subsections below entitled "The Prudential insurance Company of America", "Callahan Pentz Properties, Pleasanton", "Crum & Forster", and "Pacific Bell" for further information about the property owners. Prudential intends to hold approximately 75 percent (+/- 300 acres) of the property it owns in the District and expects to sell the remaining approximately 25 percent (=/- lO0 acres) to users or other developers. It is the intent of CPP-Pleasanton to build out and hold all of its property in the District for long term investment. However, the intentions of The Major Landowners are subject to change and could be affected by changes in economic and market conditions. Table 5 sho~s a breakdown of net acreage, current, prior and total assessments for each of the four property owners. -30-