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The applicant requests afive-year extension of the Development Agreements from December 31, 2008 to December 31, 2013. The previous Agreements, understandings, and intentions would remain in force as described within the previously approved documents, which are available for review at the City Clerk's office. DISCUSSION A development agreement is a commitment between the City and a developer to proceed with a specific development in accordance with the terms of an agreement that describes what process additional applications may undergo in accordance with the laws in existence at the time of the agreement. In effect, the City agrees not to change its planning or zoning laws applicable to the development for a specified period of time. Therefore, future land use decisions are not based on current planning and zoning law; rather, they are based on the laws in existence at the time an agreement is executed. The developer gains assurances, through execution of a development agreement, of the continuity of regulations that are in force at the time, prior to a commitment of a substantial investment for project improvements. Hacienda Business Park landowners have spent several million dollars for on- and off-site improvements. The properties requesting the extension of the Development Agreements wish to be afforded an additional five years to December 31, 2013 in order to be provided adequate time to process entitlement applications and obtain building permits for these sites. Development is tied to market demand. Additionally, Hacienda Business Park development has been awaiting the outcome of the General Plan Update process. There are already traffic capacity determinations and sewer capacity purchase agreements in place for the project sites. Planning Commission On September 26, 2007, the Planning Commission reviewed the proposed project. By a 5 to 0 vote, the Planning Commission recommended approval of the project, and forwarded the project to the City Council for action. Public Notice and Comment Notice was mailed to all property owners and tenants within Hacienda Business Park. As of the date of the preparation of this report, staff received one request for clarification regarding the scope of the project. ENVIRONMENTAL ASSESSMENT This project is not defined as a project by the California Environmental Quality Act (CEQA), Section 15060 and 15378; therefore, no environmental document accompanies this report. Page 3 of 4