It’s the right deal at the right time.
The Pleasanton City Council will be asked Monday evening to give a formal endorsement directing city staff to move forward with finalizing a proposed term sheet with Costco that lays out how both parties will pay for road infrastructure improvements necessary for the Johnson Drive Economic Development Zone (JDEDZ).
Still in the planning and review phase, the JDEDZ plan will outline how redevelopment can occur on 40 acres of land mostly along Johnson Drive near the I-580/I-680 interchange. Costco is eyeing a portion of vacant, Nearon Enterprises-owned land there — which used to house Clorox’s since-demolished technical center — for its newest membership store in the East Bay.
Costco wants to be in Pleasanton, as its real estate development director told the council during a workshop on the road financing deal Aug. 29.
And many Pleasanton residents want Costco here. In addition to support offered at the recent workshop and other public and online venues, voters let their wishes be known last November by resoundingly defeating (63%) an initiative measure that sought to ban large retail stores like Costco from the JDEDZ.
Further public consideration of the JDEDZ and Costco has been essentially on hold since the election, with city administrators not wanting to move forward until solidifying how the required roadwork would be funded.
What resulted from negotiations with Costco is the best possible option available to the city once it became clear majority-landowner Nearon would not foot the bill and Costco wouldn’t pay for everything when it’s only part of the JDEDZ — and no other future developer yet identified.
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