RES 87471 - Laserfiche WebLink

PURCHASE AGREEMENT AND JOINT ESCROW INSTRUCTIONS STONESON ASSOCIATES/CITY OF PLEASANTON (PARCEL B OF PARCEL MAP 4382) THIS AGREEMENT is made this 20th day of October, 1987, by and between STONESO~ ASSOCIATES, a California corporation ("Owner") and the CITY OF PLEASANTOM, a municipal corporation ("City"). RECITALS A. Owner is the owner in fee of certain real property consisting of approximately 2.581 acres situated in Pleasanton, California and more particularly described as Parcel B of Parcel Map 4382 (the "Property"). B. The Property was part of Parcel D of Parcel Map 2509. Parcel D of Parcel Map 2509 has been resubdivided by Parcel Map 4382 into two parcels, A and B. Parcel D of Parcel Map 2509 had 75.1 D.U.E. sewer permits allocated to it pursuant to the 1972 Settlement Agreement as adjusted by the Long Term Agreement between the City and Stoneson Development Corporation, entered in September 13, 1983. C. Pursuant to the Long Term Agreement between City and Stoneson Development Corporation, Parcel D of Parcel Map 2509 was granted Growth Management approval for up to 114 apartment units subject to the receipt of the necessary planning and zoning approvals for development from the City. A portion of the D.U.E. sewer permits were used on the 6.687 acre parcel adjacent to the subject property, which is now Parcel A of Parcel Map 4382. The remainder of the sewer permits allocated to Parcel Map 2509, i.e. 19.1 D.U.E. sewer permits, have not been used. By the terms of the Long Term Agreement, growth management approval would have expired as to any of the 114 approved units for which building permits had not been obtained by December 31, 1986. D. In conjunction with the review of the proposed PUD-85-12 on the adjacent 6.687 acre parcel (now Parcel A of Parcel Map 4382), pursuant to the California Environmental Quality Act, it became necessary to designate soundwall locations and determine the probable location of the ultimate Stoneridge Drive interchange with 1-680. As a result of that environmental review process for PUD-85-12, Owner was required to reserve the Property for potential use as part of the Stone~idge Drive/I-680 interchange project. Thus, Owner has been unable to process development plan approval for the Property and utilize the 19.1 D.U.E. sewer permits. E. Owner requested, and the City Council of the City of Pleasanton approved, on December 16, 1986 a conceptual agreement whereby the expiration of the sewer permits was tolled, but only while negotiations to purchase the Property were ongoing. - 1 -