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The surveys and studies concluded the maximum park obligation would be <br /> $159-$172/employee. <br /> City representatives have met with the various property owners whose properties <br /> have the park obligation in an effort to seek consensus on the amount of the park <br /> obligation as well as on the funding mechanism. <br /> The consensus reached is that the amount of the park obligation is $1 00/employee <br /> which amount is less than the maximum disclosed by the surveys and studies but takes <br /> into account the needs as well as the property owners' "willingness to pay". <br /> Owner is the owner of certain property in North Pleasanton at the northwest corner <br /> of Stoneridge Drive and Hopyard Road, ("the Property"); the Property is improved with a <br /> 4000 square foot building; the assumed employee density is one employee/338 square <br /> feet and the number of employees, based on the assumed density, is 12. <br /> Based on the above assumptions and based on $100/employee, Owner's park <br /> obligation is $1200. <br /> The City in November, 1995, declared a surplus in two assessment districts, <br /> namely, the North Pleasanton Improvement District (NPID) No. 1 and the North <br /> Pleasanton Improvement District (NPID) No. 3. <br /> Owner is entitled to this surplus which would normally be applied as a credit upon <br /> the assessment levied in NPID No. 1 and NPID No. 3 for fiscal year 1996-97. <br /> Owner is willing to assign all, or a portion of, its entitlement to its share of the <br /> surplus in NPID No. 1 and/or NPID No. 3 in order to satisfy its park obligation. <br /> NOW, THEREFORE, in consideration of the mutual promises expressed in this <br /> Agreement, the parties agree as follows: <br /> 1. The statements made in the recitals are true. <br /> 2. Owner shall pay to City $1200 to satisfy fully its park obligation for the <br /> Property by assigning from the Property to the City all, or a portion of, its entitlement to <br /> Owner's share of the surplus in NPID No. 1 and/or NPID No. 3. <br /> 3. City hereby acknowledges that this payment represents Owner's entire park <br /> obligation as imposed by the City's approval of the development plan for this parcel and <br /> that this payment precludes the City from seeking further exactions from Owner for park <br /> (PARKTONG.SAM) 7 <br />