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About this blog: I am a native of Alameda County, grew up in Pleasanton and currently live in the house I grew up in that is more than 100 years old. I spent 39 years in the daily newspaper business and wrote a column for more than 25 years in add...  (More)

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Costco plan moves ahead as expected

Uploaded: Sep 21, 2017
As was expected, the Pleasanton City Council moved the Costco project forward Monday evening by approving the financing agreement for the infrastructure improvements necessary to accommodate the giant membership store and two hotel sites.
Even Councilwoman Karla Brown, who had raised concerns about using city funds for a private enterprise, voted to approve the agreement.
Of course, given the overwhelming vote for Costco last November when voters considered the initiative qualified for the ballot by opponents, this is the rare project that citizens have given a green light to before the council has even formally considered an application.
Councilwoman Kathy Narum summed it up well, saying, ““I just see this as a straightforward decision, particularly since I think the voters -- the residents, a majority of them -- have said, ‘We want Costco; what are you waiting for.
With the approval of the financing for the Johnson Drive Economic Development Zone, the development specific process moves ahead. With an estimated cost of about $21.5 million, the deal calls for Pleasanton to contribute $6.4 million from its traffic impact fund, while Costco will contribute $6.785 million to the improvements.
The membership store also will front another $6.785 million to round out the fund and will be repaid with 40 percent of the sales tax receipts. This is a new approach for Pleasanton, but has been routinely used across the state.
Costco is slated for the former Clorox Research Center site that has been cleared by the developer, Nearon. Nearon is negotiating with Costco for the sale of that 20-acre site.
Any other new uses in the zone—including the hotels and other retail, will contribute their share to the infrastructure fund that will be used to pay back the money fronted by Costco.
Mayor Jerry Thorne continued to recuse himself from the Costco discussion because a stock fund he owned contained shares of Costco. Once he realized he had the holding, he directed the fund manager to sell it and recused himself from the discussions of the economic zone.
The current schedule calls for the economic zone to reach final council approval this year after it is heard by the Planning Commission.
For Costco shoppers, tired of fighting traffic to get to Livermore or Danville, the Pleasanton store, with its planned 24 gas pumps, cannot come soon enough.

Comments

 +   5 people like this
Posted by Jake Waters, a resident of Birdland,
on Sep 22, 2017 at 9:58 am

Jake Waters is a registered user.

Tim, I appreciate the article, and I am very happy it is going forward. With that said, you know this article is going to be flooded with comments resembling the recent tour of Hillary, and all the fear mongering that goes with it. Get ready for the tears.


 +   2 people like this
Posted by Long Timer, a resident of Golden Eagle,
on Sep 28, 2017 at 1:43 am

Long Timer is a registered user.

This article missed some key points. There were about 2-3 dozen people who echo what I felt at the time. That the city did not do a good job of negotiating the deal. They were easily the majority in the room. There were many of us that wanted Costco... but knew we did a bad job of making this deal. One speaker pointed out that had Sam's Club had been brought in to bid on the property that we would have had a much better deal. Costco would be paying 2/3 of the infrastructure just to keep Sam's Club from coming into what is absolutely prime territory.
The city in the prior meeting, staff and council was very careful to point out that the defeat of the Big Box measure was defeat of the 50,000 sq ft limitation.....NOT a vote for Costco. I think the majority of us who voted, wanted the costco... but thought this was a bad deal.
This article written by Tim Hunt does not reflect the majority feeling of the people in the last meeting. Council and city staff need to do a better job of protecting our dollars.


 +   24 people like this
Posted by iinet, a resident of Alamo Elementary School,
on Sep 28, 2017 at 4:30 am

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 +  Like this comment
Posted by Anna Sanders, a resident of Duveneck School,
on Oct 19, 2017 at 8:28 am

Anna Sanders is a registered user.

Happy for you. Cheers! www.michianapartybus.com 


 +  Like this comment
Posted by maria111, a resident of Del Amigo Continuation High School,
on Nov 28, 2017 at 8:56 pm

Why our local politicians and quasi-politicians are so slow to act on building the darned extensions is beyond me. They can build a "super" train from no-where to no-where, but they can't build a mass transit line down the middle of a freeway.

I'l go you one better, and as a small-governement citizen I'm shocked at saying this, but I think EVERY freeway in the SF Bay Area should have BART running right down the middle. Given the geography of the bay itself, you could have spur lines of busses running to the various business parks that are near all the freeways. This is a worthwhile project. Web Link


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