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City Council -2- May 12, 1998 DISCUSSION As of the date of submittal of the petition, the official number of registered voters within the City of San Leandro was 36,843. The total number of valid signatures required to deem the petitions sufficient is 3,684. The City Clerk's Office received official notice from the Registrar of Voters Office on May 7, 1998, that 4,197 signatures had been verified as valid, rendering the petitions sufficient. Pursuant to Elections Code 9114, if the petition is found sufficient, the elections official shall certify the results of the examination to the Council at the next regular meeting. This report serves as certification of the petitions by the City Clerk to the City Council, this 18th day of May, 1998. The City Council thereby has the following options: 1. Repeal Resolution No. 98-26 in its entirety; If the Council chooses to repeal the Resolution, it may not enact the same or substantially the same resolution for a period of one year. The Council may, however, direct staff to re -negotiate a new lease that is substantially different from the previous one. The opponents of the Conference Center Project raised three fundamental issues: 1) the amount of City investment in the project, 2) the structure of the transaction involving a 15 million dollar City loan and loan guarantees for permanent financing; and 3) the projected wages to be paid for employees of the Conference Center Project. The Council may therefore direct the staff to reduce overall City investment, and remove the City as a lender and guarantor of the project. Additionally, the City Council may direct staff to include a provision in the lease to insure the payment of a "competitive wage" for conference center employees. These elements will substantially change the original lease terms and conditions. 2. Submit the resolution to the voters at the next Municipal Election occurring not less than 88 days after the order of the legislative body, or at a special election called for the purpose, not less than 88 days after the order of the legislative body. In this instance, Resolution No. 98-26 shall not become effective until a majority of the voters voting on the resolution vote in favor of it. Should the Council decide to place the matter on the ballot, the following options are available: 1. Set the matter on the next regular Municipal Election to be consolidated with the County of Alameda on June 6, 2000; 2. Set a Special Election to be held in conjunction with the County of Alameda for the Statewide General Municipal Election to be held November 3, 1998;