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Property Owner has entered into a sale agreement with Centex Homes for development of the Property in accordance with the Specific Plan. Centex Homes has proposed a development plan for 30 new residential lots on the Property, including one new lot transferred from the neighboring Simoni property and two new lots transferred from the Chrisman and Berlogar properties. The City approved PUD-6 on June 19, 2001. which included this development plan as part ora larger development plan proposal. The City also approved a Growth Management Agreement with Centex Homes to allow development of the houses within the project to proceed in an orderly, coordinated fashion. The City approved Tentative Map No. on June __, 2002. The approvals, taken together with the Specific Plan, constitute the initial development plan for the Property (the "Project"). Subsequent approvals~ both discretionary and ministerial on the part of the City, remain before any development can occur. The nature of the infrastructure requirements to support development in the eastern sector of the Specific Plan area requires up-front construction of the realignment of Vineyard Avenue and construction of most of the utilities within it, a level of infrastructure financing typically beyond the ability of the small projects within the Corridor to undertake alone. The City and Property Owner acknowledge that implementation of the Specific Plan is a large-scale undertaking OCCUlTing over several years. Property Owner is unwilling to incur the required investment or grant the use or dedication of its Property for public infrastructure Revision #2 Draft Lonestar California, Inc. Development Agreement Page 4 of 21