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. • Through the terms of the Reimbursement Agreement approved by Council in April 2014, we have contributed $436,000 as reimbursement for expenses related to the EIR and a multitude of other studies tied to the EDZ. • To keep Costco willing to move forward with the Pleasanton site,we have agreed to sell Costco the land instead of ground leasing it to them. While this yields a significantly lower financial return to Nearon, it was necessary to justify the additional transportation costs that will be borne by Costco in its expanded role of developer. • We are back in earnest negotiations to sell two parcels totaling five acres with a reputable Hotel developer to build two Marriott-flag hotels. If the JDEDZ phasing allows it,they intend to apply for development immediately upon the EDZ's approval. • Upon completion of the anticipated land sales to Costco and the Hotel developer, coupled with two prior sales of buildings along Commerce Circle, Nearon will own one, approximately 14,000 SF building on less than 1 acre of the 40 acres within the JDEDZ. We are encouraged by the progress made in recent months, and continue to support the overall purpose and goals of the JDEDZ. While our role has evolved during this four-year planning and study process, and will result in our company only owning property amounting to less than 5% of the JDEDZ, our dedication to the improvement of this region along Johnson Drive remains strong. Best Regards, Tony Per' , President of Nearon Enterprises P: 925-743-3300 F:925-743-3303 101 `Ignacio Valley Road,Suite 450,Walnut Creek,CA 94596 www.nearon.com