PC-93-25 - Laserfiche WebLink

for in those studies have been completed except for the W. Las Positas interchange improvements. Prudential and other North Pleasanton landowners have agreed to allow excess funds in various assessment districts to be used, or earmarked, for additional local street improvements to further improve traffic flows. Because of the extensive up-front costs associated with these infrastructure improvements and the rel11aining 15 years until completion of Hacienda Business Park, Prudential has sought to extend the Phase I Development Agreements for 12 years and the Phase II Development Agreement for 8 years, in order to allow it the certainty of being able to complete the project at the density and intensity contemplated and, in so doing, fully utilize the infrastructure improvements it has helped to build. 6. City, likewise, wishes to further Prudential's ability to complete development of the Property in order to gain the aforementioned benefits and to avoid any potential liability to bondholders of the various assessment districts. Toward this end, City has, through PUD modification, eased the prior uncertainty over whether traffic conditions resulting from traffic unrelated to development of Hacienda Business Park (including cross- town diversions through the Park, BART, and other general effects of the City's growth) would preclude full development of the Property, and intends, through this Amendment to the various Development Agreements, to establish the certainty of completion of the W. Las Positas interchange (the last foreseen traffic improvement necessary to allow full completion of Hacienda Business Park), to create a certain reserve for unforeseen traffic improvements, and to provide certainty to the Property of sufficient wastewater treatment capacity to allow it to be developed. AGREEMENT A. For those lots identified as the Property herein, the Phase I Development Agreements and Phase II Development Agreement shall be extended such that they all expire simultaneously on December 31, 2008, with each of their respective terms and conditions continuing in full force and effect except as they may be modified and/or superseded by this Amendment. 3