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PREANNEXATION DEVELOPMENT AGREEMENT FOR THE DEVELOPMENT OF PROPERTY KNOWN AS THE BERNAL PROPERTY THIS PREANNEXATION DEVELOPMENT AGREEMENT "Development Agreement" or "Agreement is made and entered into as of the j9t day of (,h.44e 2000, by and between the CITY OF PLEASANTON, a municipal corporation organized and existing under the laws of the State of California (the "City"), and GHC BERNAL INVESTORS, LLC, a Delaware litnited liability company (the "Property Owner RECITALS A. In order to strengthen the public planting process, encourage private participation in comprehensive planning and reduce the economic costs of development, the Legislature of the State of California enacted Section 65864 et seq. of the Government Code (the "Development Agreement Legislation which authorizes the City of Pleasanton and an applicant for a development project to enter into a preannexation development agreement, establishing certain development rights in the property which is the subject of the development project application. B. Property Owner owns approximately 500 acres of real property, approximately 70 acres of which are located within the City and approximately 430 acres of which are located within unincorporated Alameda County (the "County"), as described in Exhibit A and shown on the map set forth on Exhibit B, both of which are attached hereto and incorporated herein by this reference (the "Property As used in this Agreement, references to the terms "Western Area," "Central Area", or "Eastern Area" shall refer to the areas depicted in Exhibit "B C. Property Owner wishes to develop a multi- phase, multi- building project on the Property (the "Project entailing front -end investment in on -site improvements, including up to 581 residential units that will provide housing opportunities for a wide variety of households; and approximately 750,000 square feet of retail, commercial and office space, as more particularly set forth in the "Initial Project Approvals" (as hereinafter defined). In addition, Property Owner has agreed. subject to the terms and conditions of this Agreement, to dedicate approximately 330 acres of the Property to the City to be developed for public, open space and other uses (the "Public Parcel'). D. The City and Property Owner acknowledge that development and construction of the Project is a large scale undertaking, involving major investments by Property Owner, with development occurring in phases over several years. Property Owner is unwilling to incur the required investment in development and construction of the Project without assurance from the City that all phases of the Project can be developed, used and sold and/or leased in accordance with the approvals granted by the City. The City, in turn, cannot be assured of realizing the benefits of the Project without granting assurance of continuity of the City's approvals to Property Owner. E. City has determined that by entering into this Development Agreement: 356901849375v14 1 01/25100