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downtown banks could leave. They felt it was an unfair position to put their bank in. Also, <br />with the expansion of the commercial areas in the City, when the bank policy was first adopted <br />basically there was only neighborhood shopping centers, a regional shopping center and <br />downtown; whereas now, there are mini regional type shopping centers in many areas in the <br />North Pleasanton area that are looking to put banks in. They want the exception granted to the <br />Stoneridge area granted to them also. Staff has looked at it and felt if the policy is eliminated <br />and there was a sudden exodus of the banks, Council could put the same regulations back into <br />effect so that no other outside bank could come to the City in a location without first coming to <br />downtown. <br /> <br /> Mayor Tarver reopened the public hearing. <br /> <br /> John De Mello, Manager of Bank of America - Downtown Branch, thought the rationale <br />for rescinding the ordinance was fair and appropriate. He felt the dynamics of downtown are <br />going to increase and not diminish and that there would always be a desire for banks to stay in <br />the downtown area. The recommendation of the staff is a correct one and reflects the sign of <br />the times. <br /> <br /> Mayor Tarvet asked if Bank of America will move from downtown if the ordinance goes <br />through. <br /> <br /> ]dr. De MeHo replied no. He felt Bank of Ameriea's marketshare will increase as times <br />go on and that it was good business to stay downtown. <br /> <br /> There being no testimony, Mr. Tarver closed the public heating. <br /> <br /> It was moved by Ms. Mob_r, and seconded by Ms. Dennis, that Ordinance No. 1668 be <br />introduced, to be read by rifle only and waiving further reading theroof, mending Section <br />18.40.040 and Table 18.44.090 of the Pleasanton Municipal Code, eliminating the limitations <br />on the locations of Financial Institutions throughout the City. <br /> <br />The r011 ~all vote was as follows: <br />AYES: Councilmembers Dennis, Michelotti, Mohr, Pico, and Mayor Tarvet <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br /> It was moved by Ms. Mohr, and seconded by Ms. Dennis, that Resolution No. 95-131, be <br />adopted, mending Strategy lc of the Downtown Pleasanton Specific Plan by eliminating the <br />requirement that if the number of financial institutions downtown is less than eight, then all new <br />financial institutions must locate a branch in the Downtown area before locating elsewhere in <br />the City. <br /> <br /> 11/21/95 -6- <br /> <br /> <br />