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DEVELOPMENT AGREEMENT <br /> BY AND BETWEEN <br /> THE CITY OF PLEASANTON AND <br /> PONDEROSA HOMES II, INC. <br /> This DEVELOPMENT AGREEMENT ("Agreement") is made by and between the City of <br /> Pleasanton ("City"), a municipal corporation, and Ponderosa Homes II, Inc., a California <br /> corporation ("Developer"). City and Developer each may sometimes be referred to herein as a <br /> "Party" and collectively as the "Parties." <br /> RECITALS <br /> A. The Legislature enacted Government Code Section 65864 et seq. ("Development <br /> Agreement Statute") in response to the lack of certainty in the approval of development <br /> projects, which can result in a waste of resources, escalate the cost of housing, and discourage <br /> investment in and commitment to planning that would maximize the efficient utilization of <br /> resources. The Development Agreement Statute is designed to strengthen the public planning <br /> process, encourage private participation in comprehensive, long-range planning, and reduce the <br /> economic costs of development. It authorizes a city to enter into a binding agreement with any <br /> person having a legal or equitable interest in real property located in unincorporated territory <br /> within that city's sphere of influence regarding the development of that property. <br /> • <br /> B. Developer has a legal or equitable interest in certain undeveloped real property <br /> located in the City of Pleasanton, County of Alameda, California, consisting of approximately 9 <br /> acres located at 6900 Valley Trails Drive, as more particularly described in Exhibit A-1 attached <br /> hereto, and as diagrammed in Exhibit A-2 attached hereto ("Property"). <br /> C. Developer intends to develop a 36 unit residential subdivision on the Property <br /> ("Project"). <br /> D. On May 2, 2017, following review and recommendation by the City of Pleasanton <br /> Planning Commission and after a duly noticed public hearing, the City Council of City took the <br /> following actions (collectively, the "Project Approvals"): <br /> 1. In support of the following actions, and in compliance with the applicable <br /> provisions of the California Environmental Quality Act ("CEQA"), by Resolution No. <br /> adopted a Negative Declaration ("Negative Declaration"). <br /> 2. By Resolution No. , approved a General Plan Amendment <br /> changing the land use designation of the Property from Public and Institutional to Medium <br /> Density Residential. ("General Plan Amendment"). <br /> 4. Conducted the first reading of Ordinance No. , an ordinance <br /> approving a Planned Unit Development ("PUD") for the Property (PUD-113) that rezoned the <br /> Property from R-1-6,500 (One-Family Residential) to PUD-MDR (Planned Unit Development— <br /> Medium Density Residential) ("Zoning Amendments"). <br /> 2 <br />