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Subsequent approvals, both discretionary and ministerial on the part of the City, <br />remain before any development can occur. <br /> <br />The nature of the infrastructure requirements to support development in the <br />eastern sector of the Specific Plan area requires up-front construction of the <br />realignment of Vineyard Avenue and construction of most of the utilities within <br />it, a level of infrastructure financing Lvpically beyond the abilit3 of the smali <br />projects within the Corridor to undertake alone. The City and Property Owner <br />acknowledge that implementation of the Specific Plan is a large-scale undertaking <br />occurring over several years. Property Owner is unwilling to incur the required <br />investment or grant the use of its Property for public infrastructure without <br />assurance from the City that all phases of its Project can be developed, used. and <br />sold in accordance with the approvals granted by the City. <br /> <br />The downturn in the economy in 2001 has led several developers to postpone <br />planned development within the Corridor, essentially tbrcing all development in <br />the eastern sector to be delayed. <br /> <br />The Pleasanton Unified School District (the "District") has planned an elementary <br />school within the Corridor, has purchased property, has negotiated a construction <br />financing program, and seeks to build the school in the short term. The school <br />requires much of the road and utility improvements planned xx ithin the relocated <br /> <br />Revision g4_-, Draft Hahner Development Agreement Page 3 of4~ ! ', <br /> <br /> <br />