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DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF PLEASANTON AND IRBY RANCH, LLC This DEVELOPMENT AGREEMENT ( "Agreement') is made by and between the City of Pleasanton ( "City"), a municipal corporation, and Irby Ranch, LLC, a California limited liability corporation ( "Developer "). City and Developer each may sometimes be referred to herein as a "Party" and collectively as the "Parties." RECITALS A. The Legislature enacted Government Code Section 65864 et seq. ( "Development Agreement Statute ") to strengthen the public planning process, encourage private participation in comprehensive, long -range planning, and reduce the economic costs of development. It authorizes a city to enter into a binding agreement with any person having a legal or equitable interest in real property regarding the development of that property. B. Developer has a legal or equitable interest in certain real property located in the City of Pleasanton, County of Alameda, California, consisting of approximately 15 acres at 3988 First Street, 3780 Stanley Boulevard, and 3878 Stanley Boulevard, as more particularly described in Exhibit A -1 attached hereto, and as diagrammed in Exhibit A -2 attached hereto ('Property"). C. Developer intends to develop 87 single- family homes, as well as provide a 1.64 acre portion of the Property and $1,000,000 towards an affordable housing community for individuals with special needs, on the Property ( "Project'). D. On , following review and recommendation by the City of Pleasanton Planning Commission and after a duly noticed public hearing, the City Council of City took the following actions (collectively, the `Project Approvals "): 1. In support of the following actions, and in compliance with the applicable provisions of the California Environmental Quality Act ( "CEQA "), found: (1) that the previously prepared Supplemental Environmental Impact Report (SEIR), for the Pleasanton Housing Element and Climate Action Plan General Plan Amendment, including the adopted CEQA Findings and Statement of Overriding Considerations in City Council Resolution 12 -492, and the City prepared Addendum to the SEIR for the Project are adequate to serve as the environmental documentation for this project and satisfy all the requirements of CEQA, and (2) that the conditions described in California Environmental Quality Act (CEQA) Guidelines Section 15162 have not occurred. 2. By Resolution No. , approved a General Plan Amendment and Downtown Specific Plan Amendment changing the General Plan land use designation of the Property from Retail/Highway /Service Commercial, Business and Professional Office to High Density Residential and the Downtown Specific Plan land use designation from Downtown Commercial to High Density Residential. (the "General Plan and Specific Plan Amendment').