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purposes without assurance from the City that all phases of its Project can be <br />developed, used, and sold in accordance with the approvals granted by the City. <br />H. The downturn in the economy in 2001 has led several developers to postpone <br />planned development within the Corridor, essentially forcing all development in <br />the eastern sector to be delayed. <br />The Pleasanton Unified School District (the "District") has planned an elementary <br />school within the Corridor, has purchased property, has negotiated a construction <br />financing program, and seeks to build the school in the short term. The school <br />requires much of the road and utility improvements planned within the relocated <br />Vineyard Avenue to be constructed in order for the school construction to <br />proceed. <br />J. The City and the District have explored options which would fund and construct <br />the realigned Vineyard Avenue and selected utility segments which would allow <br />the school to be built and operated. Funding by the City and District of the <br />Phase I improvements, as described below, will exceed their respective ultimate <br />pro rata shazes of the cost of such improvements, making them eligible for <br />reimbursement. Reimbursement depends on the ultimate development of the <br />pazcels within the Corridor, including the Property. <br />Revision #2 Draft Lonestar California, Inc. Development Agreement Page 5 of 21 <br />