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AGREEMENT IN LIEU OF <br /> DEFERRED STREET IMPROVEMENT <br /> AGREEMENT <br /> <br /> THIS AGREEMENT is made and entered into this 1st day of <br />December, 1987 by and between DEL VALLE MANOR, a general <br />partnership (hereinafter referred to as "Owner") and the CITY OF <br />PLEASANTON, a municipal corporation (hereinafter referred to as <br />"City"). <br /> <br /> R E C I T A L S <br /> <br /> A. Owner is the owner and developer of a 36 unit townhouse <br />development called Del Valle Manor on East Stanley Boulevard as <br />shown and described in Exhibit A, attached hereto. <br /> <br /> B. The City approved Del Valle Manor as PUD-85-7 by <br />Ordinance No. 1219 of the City. (Exhibit A) Subsequently, Del <br />Valle Manor was subdivided as contemplated in the PUD to become <br />Tract 5615. <br /> <br /> C. The PUD contemplates that upon completion of Del Valle <br />Parkway, a portion of the former East Stanley Boulevard will be <br />vacated by the City, will be landscaped by the Owner and will <br />become part of the Del Valle Manor project. <br /> <br /> D. Condition No. 18 of PUD-85-7 provides: <br /> <br /> "That in the event development of the property precedes <br /> the construction of the Del Valle Parkway, the developer <br /> shall bond or otherwise provide for the completion of <br /> the landscaping, entry driveway extension, and <br /> recreational area expansion as shown in in Exhibit A at <br /> the time the Del Valle Parkway is realigned." <br /> <br /> - 1 - <br /> <br /> <br />