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RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of Pleasanton City Clerk's Office 123 Main Street Pleasanton, CA 94566 Recording Fees Exempt Pursuant to Government Code§27383 ABOVE SPACE FOR RECORDER'S USE DEVELOPMENT AGREEMENT FOR AUF DER MAUR/RICKENBACH SITE THIS DEVELOPMENT AGREEMENT ("Agreement") is made and entered into in the City of Pleasanton on this day of , 2013, by and between the CITY OF PLEASANTON, a municipal corporation ("City"), and RING FINANCIAL, INC., a California corporation("Developer"), pursuant to the authority of California Government Code sections 65864 et seq. City and Developer are sometimes referred to herein individually as a "party" and collectively as the "parties." RECITALS A. To strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic risk of development, the Legislature of the State of California enacted California Government Code sections 65864 et seq. (the "Development Agreement Statute"), which authorizes City to enter into an agreement with any person having a legal or equitable interest in real property regarding the development of such property. B. Developer has a legal or equitable interest in certain undeveloped real property located in the City of Pleasanton, County of Alameda, California consisting of approximately 16 acres located at 3150 Bernal Avenue, as more particularly described in DA Exhibit A-1 attached hereto, and as diagrammed in DA Exhibit A-2 attached hereto (the "Project Site"). Developer anticipates developing at the Project Site a sustainable mixed use village known as "The Vintage," including 345 apartments, approximately 39,000 square feet of retail uses, parking areas, and related on-site and off-site improvements (the "Project"), all as more particularly described in the Project Approvals (defined below). C. In October 2010, the City Council confirmed an 11-member Housing Element Task Force ("Task Force") with the mission to oversee the update of the City's Housing Element. After nine Task Force meetings, four community workshops, input from housing experts, and extensive community input, the Task Force recommended a draft list of sites for rezoning to residential uses. On recommendation of the Planning Commission. the City Council, following duly noticed public hearings, approved: a General Plan Amendment to change the land use designation of the Project Site from "Retail/Highway/Service Commercial Business and Professional Offices" to "High Density Residential" (on 11.5 acres of the Project Site, hereinafter referred to as the "Residential Parcel") and to "Retail/Highway/Service Commercial Business #12772144_v9 1