Laserfiche WebLink
for in those studies have been completed except for the W. Las Positas interchange <br />improvements. Prudential and other North Pleasanton landowners have agreed to allow <br />excess funds in various assessment districts to be used, or earmarked, for additional local <br />street improvements to further improve traffic flows. Because of the extensive up-front costs <br />associated with these infrastructure improvements and the remaining 15 years until <br />completion of Hacienda Business Park, Prudential has sought to extend the Phase I <br />Development Agreements for 12 years and the Phase H Development Agreement for 8 years, <br />in order to allow it the certainty of being able to complete the pwject at the density and <br />intensity contemplated and, in so doing, fully utilize the infrastructure impwvements it has <br />helped to build. <br /> <br /> 6. City, likewise, wishes to further Prudential's ability to complete development <br />of the Property in order to gain the aforementioned benefits and to avoid any potential <br />liability to bondholders of the various assessment districts. Toward this end, City has, <br />through PUD modification, eased the prior uncertainty over whether traffic conditions <br />resulting from traffic unrelated to development of Hacienda Business Park (including cross- <br />town diversions through the Park, BART, and other general effects of the City's growth) <br />would preclude full development of the Property, and intends, through this Amendment to <br />the various Development Agreements, to establish the certainty of completion of the W. Las <br />Positas interchange (the last foreseen traffic improvement necessary to allow full completion <br />of Hacienda Business Park), to create a certain reserve for unforeseen traffic improvements, <br />and to provide certainty to the Property of sufficient wastewater treatment ~ity to allow it <br />to be developed. <br /> <br /> AGREEMENT <br />A. For those lots identified as the Property herein, the Phase I Development Agreements <br /> and Phase H Development Agreement shall be extended such that they all expire <br /> simultaneously on December 31, 2008, with each of their respective terms and <br /> conditions continuing in full force and effect except as they may be modified and/or <br /> superseded by this Amendment. <br /> 3 <br /> <br /> <br />