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CITY CLERK - TYPE
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THE CITY OF 13 <br /> � -- CITY COUNCIL AGENDA REPORT <br /> pL£ASANTON® <br /> April 17, 2018 <br /> Finance <br /> Community Development <br /> TITLE: INTRODUCE AN ORDINANCE AMENDING TITLE 3 OF THE <br /> PLEASANTON MUNICIPAL CODE TO ADD A NEW CHAPTER 3.44 <br /> ESTABLISHING A JOHNSON DRIVE ECONOMIC DEVELOPMENT <br /> TRANSPORTATION FEE AND ADOPT A RESOLUTION AMENDING <br /> THE MASTER FEE SCHEDULE TO SET THE FEE <br /> SUMMARY <br /> During the presentations of the Johnson Drive Economic Development Zone ("JDEDZ") <br /> transportation projects financing plan in August and September of 2017, City Council <br /> directed staff to develop a methodology for a JDEDZ Transportation Fee that the City <br /> would asses on new development within the JDEDZ (excluding Costco) to recoup the <br /> transportation infrastructure costs borne by the City. City staff have developed a JDEDZ <br /> Transportation Fee methodology for Council's consideration. <br /> RECOMMENDATION <br /> Introduce an ordinance amending Title 3 of the Pleasanton Municipal Code to add a <br /> new Chapter 3.44 establishing a Johnson Drive Economic Development Zone <br /> Transportation Fee and adopt a resolution amending the Master Fee Schedule to set <br /> the Fee. <br /> FINANCIAL STATEMENT <br /> Approximately $6.8 million of the cost of the necessary JDEDZ transportation <br /> improvements' will be funded through a 25-year sales tax sharing agreement with <br /> Costco at a 1.5% interest rate. The proposed JDEDZ Fee, if assessed on all future (non- <br /> Costco) development, would result in $8.4 million2 in revenues that would reduce the <br /> amount the City would be required to reimburse Costco through the sales tax sharing <br /> agreement. If the JDEDZ fee revenues are received after the City fully reimbursed <br /> Costco through the sales tax sharing agreement, then those amounts will be used to <br /> reimburse the City's General Fund. <br /> ' Excluding right of way acquisition costs the amount of which will be determined during the design phase of which <br /> 50%would be funded directly by the City and 50%would be covered by Costco and added to the amount to be <br /> reimbursed through the sales tax sharing agreement. <br /> 2 Including 56%of ROW costs estimated at$1.5 million.As noted above,ROW costs will be determined during the <br /> design phase. <br />
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