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RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Pleasanton City Clerk's Office 123 Main Street Pleasanton, CA 94566 Recording Fees Exempt Pursuant to Government Code § 27383 SPACE ABOVE THIS LINE FOR RECORDER'S USE 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 (the "City "), and Pleasanton Gateway, LLC, a Delaware limited liability LLC, (the "Developer "), pursuant to the authority of California Government Code sections 65864 et seq. 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 interest in certain real property located in the City of Pleasanton, County of Alameda, California consisting of approximately 26.72 acres located at 1600 Valley Avenue, as more particularly described in DA Exhibit A -1 attached hereto, and as shown on the site plan attached hereto as DA Exhibit A -2. Developer contemplates developing a residential development project on such real property commonly referred to as the "Commons at Gateway." 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, at a duly noticed public hearing held on January 4, 2012, rezoned the real property referred to in Recital B above to Planned Unit Development -High Density Residential (PUD -HDR) and medium density residential (PUD -MDR), with the high density portion of such real property to be developed at a minimum density of 30 units per acre. Such rezoning of the real property referred to in Recital B was approved by Ordinance No. 2031 -to allow high- density and medium density residential use on the site consistent with the Task Force recommendations, the Housing Commission recommendations from its November 17, 2011 hearing and the direction of the Planning Commission -City Council Joint Workshop held December 6, 2011. -2-