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FINANCIAL STATEMENT The applicant would be responsible to pay the costs of the necessary utility and infrastructure improvements for the project. The private streets and utilities, clubhouse and common open space areas, street landscaping, soundwalls, etc. would be maintained by a homeowners association. PROJECT DATA Property Owner: Ponderosa Homes II, Inc. General Plan: The General Plan Land Use designation for the parcel is Public and Institutional/Medium Density Residential Zoning: Zoning for the property is PUD-LDR/MDR/HDR/P&I & Mixed P&I/MDR (Planned Unit Development - Low Density Residential/Medium Density Residential/ High Density Residential/Public & Institutional and Mixed Public & Institution/Medium Density Residential) District. BACKGROUND ~~ Ponderosa Homes' "Ironwood" development on the "Busch Property was approved by the City Council in 2002, consisting of 175 new single-family homes, 16 duets, a 172- unit senior apartment project, achurch/day care facility, and a 23-acre site approved for either a public school or Medium Density Residential (MDR) senior housing. Two existing farmhouses along Mohr Avenue were retained. The senior apartments and most of the single-family homes have been built. The Pleasanton Presbyterian Church recently finished the first phase of its church facility. The Pleasanton Unified School District had a five-year option agreement with Ponderosa Homes to buy the approximately 23-acre public school/MDR senior housing site in the development as a potential school facility. The School District chose not to exercise its option to purchase the property and Ponderosa Homes proposes to develop the site as medium-density senior housing as allowed by the previously approved PUD. The application was reviewed by the Pleasanton Planning Commission at a workshop held on March 19, 2008. Detailed information on this meeting is provided by the attached Planning Commission staff report and minutes. The Planning Commission reviewed and recommended approval of the PUD development plan at its meeting of June 25, 2008. The application is now before the Council for final action. SITE DESCRIPTION The subject property, approximately 23-acres, is located at the eastern side of the Ironwood development at the terminus of Reimers Drive (outlined in red on the graphic on the following page). The undeveloped site is relatively flat and contains non-native annual grasses. The southern portion of the site is currently being used as a temporary construction yard for the adjacent Ironwood development. A temporary gravel construction access road is located along the western edge of the site. Page 2 of 9