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FINANCIAL STATEMENT The proposed project would be responsible for the installation of the necessary private infrastructure improvements to serve this development. In addition, this development would be required to pay its pro-rata share of the NSSP Finance Plan fees. The creation of new lots and construction of the new residences will generate property taxes and revenue to be used to provide services such as Police and Fire. BACKGROUND The proposed development involves Parcels 6 and 7 of the North Sycamore Specific Plan (NSS). Parcel 6, an improved lot of approximately 1.09 acres in size, has an existing single family home dating from the 1950s located in the front portion of the lot. The property is currently owned by a bank after it was bequeathed to a church by the previous owner (Jerry M. Wagner, Trust). Parcel 7, approximately 1.61 acres in size, is a vacant lot. The NSSP has a dual land use designation for these two parcels — PUD-Low Density Residential and PUD-Office. The NSSP states that if these two parcels are developed jointly, they may be developed with office use. The NSSP also states that if Parcels 6 and 7 are developed separately, they must be developed with residential use. Danville School Street Investors, LLC, owner of Parcel 7, wishes to develop this site for residential use. In addition, the applicant has acquired the rear half of Parcel 6, approximately 27,000 square feet in area, and merged it with Parcel 7. A lot line adjustment application for this land merger has already been approved and recorded. The resulting parcel to be developed is 2.23 acres in size. PROJECT DESCRIPTION With the recordation of lot line adjustment, the PUD development plan would allow subdivision of the combined approximately 2.23-acre site into four residential lots. The proposed lot sizes range from 0.34 acres (14,810 square feet) to 0.73 acres (31,798 square feet), with each lot's size as follows: Lot 1: 0.51 acres = 22,215 square feet Lot 2: 0.34 acres = 14,810 square feet Lot 3: 0.73 acres = 31,798 square feet Lot 4: 0.65 acres = 28,314 square feet The proposed homes are two-story homes of a craftsman style design. The home size ranges from 3,340 square feet in floor area to 3,446 square feet in floor area. Each home would have an attached garage varying from 685 square feet to 826 square feet. The homes would have a maximum building height of 28 feet, measured from the grade to the peak of the roof. Page 2 of 6