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ATTACHMENT 2 Principles of Agreement Regarding Nevada Street Utilities/Road Extension and Process for City Consideration of Related Zoning, PUD and Development Agreement for the Irby, Zia and Kaplan Properties Recitals A. The City of Pleasanton "City is a California municipal corporation. Jeanette Irby, Trustee of the Irby Trusts (as shown on the signature block) is the owner of a 9.01 acre parcel of Property at 3780 Stanley Boulevard, APN 946 1680 002 -03, in the City of Pleasanton (Irby Property). Zia Corporation, a California corporation, is the owner of a 4.13 acre parcel of land at 3988 First Street, APN 946 1680 004 -04, in the City of Pleasanton (Zia Property). Al Kaplan is the Managing Partner of ACHF Kaplan L.P., a California Limited Partnership, the owner of a 1.51 acre parcel of land at 3878 Stanley Boulevard, Pleasanton, CA 94566, APN 946 -1680- 003 -02 (Kaplan Property). (See Exhibit A with Properties marked) (collectively, "Properties" and "Property Owners B. Since 1965, the Pleasanton General Plan has shown a planned public road going through the Properties on an alignment paralleling the Arroyo Del Valle (now referred to as Nevada Street). In 1996, the City adopted a Plan Line for the Nevada Street alignment (Exhibit B). The primary purpose of the Nevada Street segment is to relieve traffic congestion at the intersection of Valley -Bernal and Stanley Boulevard. C. The Irby and Zia Properties are designated Commercial on the General Plan, and the draft updated General Plan, but are presently zoned Agriculture. The City has acknowledged an obligation to zone these Properties consistent with their General Plan designations. D. The City does not immediately need the right of way for Nevada Street through the Properties, but desires an easement for an 18 inch sewer main and a 16 inch water main within the alignment of the planned Nevada Street. In the absence of concrete City plans for installation of Nevada Street, Property owners feel the burden of those water and sewer easements would create liability, severance damage, and further uncertainty regarding the appropriate development of the Properties. E. Property Owners are willing to cooperate with the City's needs provided their Properties are zoned for appropriate commercial uses, reasonable arrangements are made for the acquisition of Nevada Street right of way, and improvement obligations regarding Nevada Street are fully defined.