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FINANCIAL STATEMENT The proposed development will 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, Greenbriar Homes Communities, Lund Ranch II, LLC (Greenbriar), is responsible for the cost of constructing the public improvements, including the Sunset Creek Lane extension associated with Tract 8352. The maintenance costs of the open space area, which includes a public trail, will be addressed in future City operating budgets. BACKGROUND Planning Commission Approval of PUD-25 On August 26, 2015, the Planning Commission recommended the approval of PUD-25, a Planned Unit Development (PUD) application by Greenbriar to construct 50 single- family homes and related infrastructure on an approximately 194.7-acre site located at 1500 Lund Ranch Road. Additionally, PUD-25 as approved by the Planning Commission would construct the Sunset Creek extension, connecting the existing Sunset Creek Lane with the proposed subdivision to serve the development. City Council Approval of PUD-25 On December 1, 2015, the City Council approved the project with 48 homes, waived the first reading and introduced ordinances approving the PUD Rezoning and Development Plan and the Development Agreement; certified the EIR; and approved the Affordable Housing Agreement and Growth Management Agreement. On December 15, 2015, while considering waiving the second reading and adoption of the ordinances approving the PUD Rezoning and Development Plan and the Development Agreement, the City Council voted to: • Reduce the number of lots to 43; and • Lower the building pad elevation for Lot 32 to 500 feet; and • Find that the northern ridgeline above Lot 32 ends at the 718-foot elevation; and • Require that access for 12 of the homes be provided via Lund Ranch Road and that access for 31 of the homes be provided via Sunset Creek Lane. On January 5, 2016, the City Council adopted Ordinance No. 2133 approving PUD-25, consistent with the December 15, 2015, modifications. Planning Commission Approval of Vesting Tentative Map 8352 On February 22, 2017, the Planning Commission approved Vesting Tentative Map 8352 that would subdivide the approximately 194.7-acre property into 46 lots, including 43 lots for single-family homes and three lots (Parcels A, B, and C), and a "designated remainder parcel" of approximately 168.5 acres, to be dedicated to the City of Pleasanton for permanent open space. Greenbriar, in working with staff, has prepared the Final Map, Improvement Plans, Subdivision Agreement and other legal documents for Tract 8245. The City Attorney's office, Engineering staff, Operations staff and Planning staff have reviewed these Page 2 of 4