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BACKGROUND The subject property is a 20 -acre site located within the Vineyard Avenue Corridor Specific Plan Area. The property is one of two parcels comprising a 19 -lot residential Planned Unit Development proposed by Centex Homes and adopted by the City Council in June 2001 (Ord. 1832, PUD -05). Ten of the 19 lots would be developed on the Chrisman's site. The City Council subsequently approved a Development Agreement between the City and the Chrismans (Ord. 1855, adopted June 4, 2002). Development agreements are contracts specifically authorized by State law with the intended purpose of giving property owners more certainty about policies which will apply to their property and, therefore, encourage investment, including the provision of public facilities. This Development Agreement sets forth the development rights and responsibilities related to the planned unit development. Of particular interest to the City at that time was the Chrismans' agreement to a coordinated process to timely fund and build utility infrastructure, safer roads, and public trail amenities to serve all development in the Vineyard Corridor (which was of particular interest to the School District in 2002). As consideration for this commitment, the Development Agreement vested for a period of ten years, until September 2012, the right of the Chrismans to develop the property subject to the rules and regulations in place at the time of approval. More recently, in December 2006, the Chrismans requested to amend the design of the 10 homes on their property from the approved production home models (originally proposed by Centex) to custom designed homes with a set of specific design guidelines. In August 2008, the City Council approved that request; however, due to the current economic climate, development has not proceeded on the property. 1 The Chrisman's property is Lot No. 23 in the Specific Plan, formerly 1944 Vineyard Avenue. 2 The adjacent westerly Berlogar property, Lot 22 in the Specific Plan, is the second parcel within this PUD. Page 2 of 5