Let's face it. The Oak Grove property will be developed some day. Today, we have the opportunity to get more as a community from a very small number of homes. It is important for everyone to remember how we arrived at this plan and to realize all the benefits that come with approving this plan.
The plan we are voting on in June is a plan that was created as a result of a two-year collaborative effort between the property owner and residents of the adjacent neighborhoods. This is also the plan that was approved 4-1 by our City Council.
But most importantly, we must acknowledge the great benefits that we are getting for such a small plan. For a mere 51 homes, Oak Grove will result in 496 acres of open space being donated to the City of Pleasanton, ensuring that our hills will be protected forever. Our schools will also receive $2 million from development fees, not to mention up to $200,000 in annual property taxes. And on top of that, the Oak Grove owners went above and beyond their responsibility by increasing their traffic impact fees from $250,000 to $1 million after a collaborative dialogue with adjacent neighbors and other local residents. Throughout the life of this project, Charter Properties and the Lin family have negotiated in good faith with our community and our elected officials to come up with the smallest plan that will give Pleasanton the greatest benefits.
It's time to approve this plan once and for all.