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The city of Livermore agreed to shell out about $1.2 million to the Livermore Premium Outlets LLC and take back about $750,000 when council approved the execution of a settlement agreement with the company this week.
The payment to the outlets is compensation for its contributions to public improvements on a site directly east of the shopping center. At the same time, the city will be reimbursed for the supplemental public safety services it has provided to the outlets.
Livermore council unanimously green-lit the agreement at a regular meeting on Dec. 9 as part of its consent calendar, which includes items considered routine in nature and are typically approved through a single vote.
According to the agreement, the settlement is a “compromise of disputed claims and contentions.”
Beginning in 2015, the city and LPO discussed the need for more safe and functional parking at the site now occupied by the outlets.
Public safety from the city reached an outstanding balance of $762,145, as of Dec. 31, 2023. This dollar figure is to be reimbursed by LPO.
Additionally, LPO purchased land next to the outlets to build a parking facility where it contributed to public improvements costing $1,209,346.88. These are the funds the city agreed on Monday to repay to LPO, dished out at $120,934.69 per year for a period of 10 years.
In addition to the financial settlement, both parties signed onto the Public Safety Agreement, set to begin July 1, 2025 and last for 10 years. In accordance with the safety agreement, LPO will fund the full cost of one additional police officer assigned to the center, costing $225,799 per year at the time of signing. LPO will also fund 53% of the cost of traffic management services as contracted by the city on an ongoing basis.
Also as part of the consent calendar Monday night, council agreed to allocate $5,139,000 for the I-580/Vasco Road Interchange Modification Project. The plan is to remove the Vasco Road overcrossing and replace it with a wider bridge, reconstruct the on and off ramps bridge structure, and place new traffic signals, bike lanes and sidewalks over the interchange.
Financing for this project will be pulled from the Tri-Valley Transportation Development Fee funds.
