HEINZ, ROBERT AND SHAREN - DEVELOPMENT AGRMNT

future development of the lands within the Corridor, a key element of which is the realignment of Vineyard Avenue. D. Property Owner has entered into a purchase and sale agreement with Greenbriar Homes for development of the Property in accordance with the Specific Plan. Greenbriar Homes has proposed a development plan for 18 new residential lots on the Property. This application, PUD -14, is pending City review. The City has approved a Growth Management Agreement with Greenbriar Homes to allow development of the houses within the project to proceed in an orderly, coordinated fashion. The Specific Plan and Growth Management Agreement constitute the initial development plan for the Property (the "Project "). Subsequent approvals, both discretionary and ministerial on the part of the City, remain before any development can occur. E. The nature of the infrastructure requirements to support development in the eastern sector of the Specific Plan area require up -front construction of the realignment of Vineyard Avenue and construction of most of the utilities within it, a level of infrastructure financing typically beyond the ability of the small projects within the Corridor to undertake alone. The City and Property Owner acknowledge that implementation of the Specific Plan is a large -scale undertaking occurring over several years. Property Owner is unwilling to incur the required investment or grant the use of its Property for public infrastructure without Heinz Development Agreement Page 2 of 14