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DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (the "Agreement") is entered into as of 2007 by and between Jennifer Lin and Frederic Lin ("Developer"), and the City of Pleasanton ("City"), pursuant to California Government Code § 65864 et sec . RECITALS A. To strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic risk of development, the Legislature of the State of California enacted California Government Code § 65864 et sec . (the "Development Agreement Statute"), which authorizes City to enter into an agreement with any person having a legal or equitable interest in real property regarding the development of such property. B. This Development Agreement has been processed, considered and executed in accordance with such procedures and requirements of California Government Code § 65864 et sec . C. Developer has a legal interest in certain real property consisting of approximately 562 acres located within the City immediately east of Kottinger Ranch and south of the Grey Eagle Estates and Vintage Hills II neighborhoods, as more particularly described in Exhibit A-1 attached hereto, and as diagrammed in Exhibit A-2 attached hereto (the "Project Site"). D. Developer intends to develop the Project Site as a residential community of 51 dwelling units, together with other uses and including 497 acres of permanent open space and a regional trail (the "Project") as more particularly described in Exhibit A-3 attached hereto, ("Oak Grove Planned Unit Development Plan") E. This Agreement is based upon and was written to achieve two basic purposes: First, that the City will be kept and/or made whole by Developer with respect to all aspects (e.g., fiscal impacts, etc.) of the planning, development, maintenance and operation of the Project including, among other things, the costs to the City of providing the Project with public services and facilities and mitigating the Project's environmental impacts; and second, that Developer will have a full and vested right to develop, use and operate the Project and the Project Site as set forth herein. The rights and obligations of the parties to the Agreement shall be construed and interpreted in such a manner as shall give full effect to each of these purposes. F. City has taken several actions to review and plan for the future development of the Project. These include, without limitation, the following: 1. Environmental Impact Report. The environmental impacts of the Project, including the Project Approvals and the Subsequent Approvals, and numerous alternatives to the Project and its location, have properly been reviewed and assessed by City pursuant to the California Environmental Quality Act, Public Resources Code Section 21000 et seq.; California Code of Regulations Title 14, Section 15000 et seq. (the 54393\84008v3