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FINANCIAL STATEMENT The proposed development would have a negligible financial impact on the City. Revenue from taxes and development fees generally cover the increased cost to provide services and maintain infrastructure. The developer is responsible for the cost of constructing the improvements related to the project, and will pay its pro-rata share of Vineyard Avenue Corridor infrastructure fees and other City development impact fees at final inspection of the proposed new homes or connection of the existing home to City water service, as applicable. Deferral of subdivision bonds and inspection fees, with escrow restrictions, will have no financial impact. BACKGROUND On June 19, 2001, City Council approved PUD-5, an application by Centex Homes to subdivide two parcels located at 1944 and 2190 Vineyard Avenue into 19 lots for new single family detached homes, including 9 lots for the Berlogar property and 10 lots for the Chrisman Property, and a lot on each property for the existing home. The application also included parcels for open space easements. On July 19, 2003, the Planning Commission denied an application by Northstar Construction and Development (successor developer to Centex Homes) for Vesting Tentative Map, Tract 7399, to subdivide the property into 19 lots for single family homes in accordance with the PUD plans. On August 19, 2003, the City Council approved Northstar's appeal of Tract 7399. On October 4, 2005, the City Council approved PUD-05-01 M for a major modification to an approved PUD to separate the development into two phases and replace the approved house design plans. The first phase has been constructed by Frank Berlogar which created Tract 7399, Silver Oaks Estates, for nine new lots and a public street, Silver Oaks Lane, with a three-point hammer head turn around and open space parcel. On June 18, 2014, the City staff approved a Minor Modification, PUD-05-07M, for Planned Unit Development modifications governing the Chrisman portion of PUD-05-01 M, to construct production homes, modify the site grading, relocate lots 6-10 to the east to allow the Chrisman private driveway to be installed on Chrisman Property, eliminate the emergency vehicle access road to the Berlogar Property (88 Silver Oaks Court), install a new well for the common space landscaping and the agricultural operations on the remaining Chrisman property, and modify the timing for the installation of landscaping in the common open space area. The final phase, Tract 7660 (Chrisman property), with 10 new homes, a lot for an existing home, and parcels for open space and trail dedication is submitted for approval. The developer, KC Bello LLC (successor developer to Northstar) has provided the required disclosure deed, agreements, Final Map, Improvement Plans, and other legal documents for Tract 7660. The Engineering staff, Planning staff, and the City Attorney's Page 2 of 4