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projects within the Corridor to undertake alone. The Cits' and Property O~mer <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 forcing 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 within the relocated <br />Vineyard Avenue to be constructed in order for the school construction to <br />proceed. <br /> <br />The City and the District have explored options which would fund and construct <br />the realigned Vineyard Avenue and selected utility segments which would allow <br />the school to be built and operated. Funding by the City and District of the <br />Phase I improvements, as described below, will exceed their respective ultimate <br /> <br />Revision #1. Draft Data Sales of California Development Agreement <br /> <br />Page 3 of 16 <br /> <br /> <br />