CCMIN021699 - Laserfiche WebLink

will come before the Council in April. Originally Council approved twenty-four new lots to help pay for the cost of the golf course land. Council then indicated there could be up to an additional ten lots for the City's share of the bypass road and also to apply to the project in case there was a need for additional revenues. In working with the property owners, it became apparent, and staff is proposing, that the ten lots be thrown into the mix for the purchase of the land in place of the long- term revenue stream. The long-term plan was for twenty-one years with interest rates being paid to the property owners. The property owners are no longer interested in that plan. The City is interested in doing away with the long-term plan and instead proposes to use the ten lots, along with the twenty-four lots, to pay almost the full land cost. Mayor Tarver asked about the bypass road. Ms. Acosta said the bypass road is still in the plan. The new financing structure is a better situation for the City. Reimbursements from the people hooking up to water and sewer have not been shown. When people start hooking up to the system, the revenue picture will look better. Mr. Pico wanted to look at the Alisal Improvement Association's proposal. He wanted to know if there was any way to shift $240,000 to the twenty-four lots from the golf course. Mr. Iremonger said that type of change would take renegotiations of the MOU. He said at one time the payment stream and the twenty-four lots equalled the appraised value of the land. The long-term payment stream has been removed. Even with the addition of the ten lots the City is still short in terms of how much it has to pay the property owners. However, by taking out the long- term payment stream, the City can issue more bonds and that will create money for the bypass road. Mr. Pico understood there was a $2.9 million shortfall, but the potential reimbursements could reduce that figure. Ms. Acosta said that is correct. Staff is looking for a logical way to recommend the allocation formula proposed by the Alisal Improvement Association to Council. Mayor Tarver said the concept embodied in the Alisal Improvement Associations proposal was discussed during the LAVWMA sewer expansion hearings to help keep the costs for existing residents down. There is justification for the Council to say it wants to finance the project with the Alisal Improvement Association' s concept. Ms. Dennis had questions regarding the arrangement and preannexation agreements with existing lots of records in that they never have to hook up to water and sewer. Therefore the City's costs would never be recovered. Is there a way to provide more certainty that future owners would be required to hook up to City water and sewer. Pleasanton City Council 22 02/16/99 Minutes