The vote was 3 to 0 at last week's city council meeting. Both Mayor Jerry Thorne and Councilmember Karla Brown were recused.
Thorne at one time owned Costco stock. It has been sold. Brown said at last Tuesday's meeting that she had acquired Costco stock through a third party investment firm. "I did not ask to have the stock purchased."
Thorne at one time owned Costco stock. It has been sold. Brown said at last Tuesday's meeting that she had acquired Costco stock through a third party investment firm. "I did not ask to have the stock purchased."
The fees of $28.28 per square feet for retail, $13.70 per square feet for hotels and $13.46 per square feet for office would be paid by future development in the area.
The price tag for all the roadwork came in at an estimated $21.47 million. Of that total, $6.4 million is to be paid by city traffic impact fee reserves. A cash payment of $6,785,000 will come from Costco for infrastructure work as part of its developer fee package.
The city will repay Costco through a tax sharing agreement in which 40% of the sales tax revenue generated by Costco will be taken until the debt is repaid.
The new transportation fee will be used by the city to pay down its debt to Costco.
The fee structure is based on project size and percent of total car trips generated. The fee would not be charged to current businesses.
The price tag for all the roadwork came in at an estimated $21.47 million. Of that total, $6.4 million is to be paid by city traffic impact fee reserves. A cash payment of $6,785,000 will come from Costco for infrastructure work as part of its developer fee package.
The city will repay Costco through a tax sharing agreement in which 40% of the sales tax revenue generated by Costco will be taken until the debt is repaid.
The new transportation fee will be used by the city to pay down its debt to Costco.
The fee structure is based on project size and percent of total car trips generated. The fee would not be charged to current businesses.
Credits would be available to developers to offset their fee total, including any right-of-way they donate to the city for roadwork and money already paid for previous work.
The area was rezoned last December to consists of 12 parcels on Johnson Drive and Commerce Circle.
The area was rezoned last December to consists of 12 parcels on Johnson Drive and Commerce Circle.
The traffic improvements are required to be finished before Costco can open its doors.
A lawsuit filed earlier by former City Councilmember Matt Sullivan and Pleasanton Citizens for Responsible Growth has challenged the council's approval of the environmental documents. The lawsuit asks the court to require the city to set aside its certification of the EIR and its approval of the project. It also requests a stay of the effect of the City’s actions during court proceedings.
Several case management meetings have been held with the court.
A lawsuit filed earlier by former City Councilmember Matt Sullivan and Pleasanton Citizens for Responsible Growth has challenged the council's approval of the environmental documents. The lawsuit asks the court to require the city to set aside its certification of the EIR and its approval of the project. It also requests a stay of the effect of the City’s actions during court proceedings.
Several case management meetings have been held with the court.
In other actions related to the economic zone, last November, Pleasanton voters rejected an initiative measure that would have barred any big box stores from being built within the 40-acre area.
