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The City. adopted the Vineyard Avenue Corridor Specific Plan (the "Specific <br />Plan"), on June 1, 1999 to guide future development within its boundary. The <br />Specific Plan sets forth land use, infrastructure, and other policies governing <br />future development of the lands within the Corridor. a key element of which is the <br />realignment of Vineyard Avenue. <br /> <br />Property Owner has entered into an option agreement with Greenbriar Homes for <br />development of the Property in accordance with the Specific Plan. Greenbriar <br />Homes has proposed a development plan for 18 new residential lots on the <br />Properly. This application, PUD-14. is pending City review. The City has <br />approved a Growth Management Agreement with Greenbriar Homes to allow <br />development of the houses within the project to proceed in an orderly. <br />coordinated fashion. The Specific Plan and Growth Management Agreement <br />constitute the initial development plan for the Property (the "Project"). <br />Subsequent approvals, both discretionaD' 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 require 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 typically beyond the ability of the small <br />projects within the Corridor to undertake alone. The City and Property Owner <br /> <br />Revision #1, Draft Heinz Development Agreement Page 2 of 13 <br /> <br /> <br />