IRBY RANCH LLC GROWTH MANAGEMENT AGREEMENT

GROWTH MANAGEMENT AGREEMENT THIS GROWTH MANAGEMENT AGREEMENT is made and entered into on the 1st day of March, 2017, between Irby Ranch LLC ("Developer"), and the CITY OF PLEASANTON, a municipal corporation ("City"). RECITALS: A Developer owns a legal or equitable interest in real property (the "Subject Property") commonly known as 3988 First Street, 3878 Stanley Boulevard, and 3780 Stanley Boulevard in the City of Pleasanton. B. The City has granted to Developer Planned Unit Development approval (PUD-110)for eighty-seven (87) new detached single family homes on the Subject Property (the "Project"). C. Section 17.36.060 of the Pleasanton Municipal Code (Growth Management Program) establishes annual new residential limits. For 2017, there are 235 growth management unit allocations. The City has reviewed the growth management unit allocations established for 2017 and beyond and determined that the growth management unit allocation capacity is available for the Project. D. City may enter into growth management agreements with project developers under the City's Growth Management Ordinance. E. City and Developer wish to enter into a growth management agreement in order to achieve the benefits of the Project to City and its residents and in accordance with the purposes of the City's Growth Management Ordinance. NOW, THEREFORE, in consideration of the mutual promises expressed herein, City and Developer hereby agree as follows: I. GROWTH MANAGEMENT APPROVAL A. The City hereby grants Developer growth management allocations of 19 units in 2017, 59 units in 2018, and 9 units in 2019 for the single family home portion of the Project. Developer may be issued building permit(s) in the year(s)following the designated years but not until Developer has received building permits for all units in the designated year. II. PROJECT CONDITION Nothing herein shall reduce any obligation of Developer required as a condition of any other approvals granted by the City. 1