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the higher cost, it is recommended Council approve the proposed amendment to the <br /> agreement modifying how Cost Overruns are reimbursed. <br /> The agreement also requires the City to acquire the right-of-way needed to construct <br /> the traffic mitigation measures. Staff negotiated purchase agreements with most of the <br /> owners of the needed right-of-way based upon the appraised value of the land. It is <br /> recommended that City Council review and approve the six purchase agreements <br /> included with this agenda item. <br /> RECOMMENDATION <br /> 1. Approve the JDEDZ Traffic Mitigation Measures Improvement Plans prepared by <br /> Costco's engineering consultants and reviewed and approved by the City Engineer <br /> and Caltrans. <br /> 2. Review the Final Cost Estimate. <br /> 3. Review and approve Amendment One to the 2018 Transportation Improvement and <br /> Cost Allocation Agreement. <br /> 4. Approve the six purchase agreements for the right-of-way necessary to construct the <br /> work as shown on the JDEDZ Traffic Mitigation Measures Improvement Plans. <br /> FINANCIAL STATEMENT <br /> Funding for the JDEDZ Project is available in CIP No. 18531, Stoneridge Drive and 1- <br /> 680 On-Ramp Project which has a balance of$11,309,956 split between Traffic Impact <br /> Fees and a grant from the Alameda County Transportation Commission (ACTC) and <br /> CIP No. 21596, JDEDZ ROW and Misc., which has an available balance of$772,761 <br /> from the General Fund. <br /> BACKGROUND <br /> The JDEDZ is a project that began in April 2014 to encourage investment in <br /> approximately 40 acres of underutilized land fronting Johnson Drive near Stoneridge <br /> Drive and 1-680. The JDEDZ Project allows club retail (also known as warehouse club), <br /> hotel, recreational facilities, and other retail establishments, while also permitting <br /> existing uses to remain. The new uses and services are intended to benefit the <br /> community as well as generate new sales tax revenue to support City services and <br /> programs by broadening the City's economic activities. The California Environmental <br /> Quality Act (CEQA) documentation that considered the new uses and services <br /> determined traffic mitigation measures on Johnson Drive and Stoneridge Drive are <br /> necessary to serve the increased vehicular traffic resulting from the JDEDZ Project <br /> development. City Council certified the CEQA documentation and approved the JDEDZ <br /> Project in November 2017. <br /> Council approved the Transportation Improvement and Cost Allocation Agreement <br /> (2018 Agreement) in February 2018 (Attachment 1). The 2018 Agreement is between <br /> the City and Costco, which owns a large piece of property within the JDEDZ on which it <br /> Page 2 of 12 <br />