PC-93-25 - Laserfiche WebLink

DRAFT MAY 6, 1993 FIRST AMENDMENT TO PHASE I AND PHASE II DEVELOPMENT AGREEMENTS BETWEEN THE CITY OF PLEASANTON AND THE PRUDENTIAL INSURANCE COMPANY OF AMERICA THIS FIRST AMENDMENT TO THE PHASE I AND PHASE II DEVELOPMENT AGREEMENTS effective as of day of , I993, is entered into between THE CITY OF PLEASANTON ("City"), a municipal corporation of the State of California, and THE PRUDENTIAL INSURANCE COMPANY OF AMERICA ("Developer"), a New Jersey corporation. RECITALS This Agreement is entered on the basis of the following facts, understandings, and intentions of the parties: 1. Over the past 11 years, Hacienda Business Park has been developed with over 4.6 million square feet of commercial, office, and industrial uses and 27.I acres of high density residential uses. The Park is about 50% complete. This development occurred pursuant to the PUD regulations established and, from time-to-time, modified, by the City and Prudential, the major developer of Hacienda Business Park. Included among the improvements installed to assist development of the Hacienda Business Park were major freeway interchange improvements, City arterial street improvements (including noise mitigations), traffic signal improvements, water system improvements, fire facility improvements, and sewer system improvements. 2. Prudential retains 280.491 acres of undeveloped land, as shown in Exhibit A (the "Property"), which are designated for further commercial, office, and industrial uses. Prudential also retains a legal interest in 79.372 acres of undeveloped land which are designated for residential use. Through this Agreement, Prudential intends to provide flexibility in its future development of its lands designated for commercial, office, and industrial uses with no further expansion of residential land uses in the Park. 1 II