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Revision #2 <br />DRAFT <br />DEVELOPMENT AGREEMENT <br />THIS DEVELOPMENT AGREEMENT is made and entered into by and between the <br />CITY OF PLEASANTON, a municipal corporation organized and existing under the <br />laws of the State of California (the "City"), and LONESTAR CALIFORNIA, Inc., a <br />Delaware corporation (the "Property Owner"). <br />RECITALS <br />A. In part in order to encourage private participation in comprehensive planning and <br />reduce the economic costs and risks of development, the Legislature of the State <br />of California enacted Section 65864 et seq. of the Government Code which <br />authorizes the City and a property owner/developer to enter into a development <br />agreement, establishing certain development rights in the property which is the <br />subject of a present or future development application. <br />B. Property Owner owns approximately 29.9 acres of real property, the legal <br />description and map of which aze set forth in Exhibit A (the "Property"), attached <br />hereto and incorporated herein by this reference. Property Owner is in contract to <br />sell the Property to Centex Homes, a Nevada general partnership ("Centex"). <br />Centex also is in contract to purchase Gazin/Simoni property (the "Garrin/Simoni <br />Property"), which is contiguous to and east of the Property. <br />Revision #2 Draft Lonestar California, Inc. Development Agreement Page I of 21 <br />