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I. BACKGROUND Proposal The applicant, Hacienda Owners Association, proposes to amend the development agreement for Hacienda Phase I and Phase II by extending the term of these agreements by five years until December 31, 2018. The applicant's proposal would be the sixth amendment to the previously approved Development Agreements. Background On December 30, 1983, the City of Pleasanton executed the first Development Agreement between the City and Callahan-Pentz Properties, the original developer of the first phase of the Hacienda Business Park (referred to now as Hacienda Phase I). On April 22, 1986, the City of Pleasanton executed the second Development Agreement between the City and the Prudential Insurance Company of America on the second phase of the Hacienda Business Park (referred to now as Hacienda Phase II). As consideration for the City's approval of the Hacienda Business Park (PUD-81-30, Ordinance 1109 and PUD-85-08, Ordinance 1247) development, Callahan-Pentz Properties and the Prudential Insurance Company of America constructed or participated in funding the construction of infrastructure including the freeway interchanges at I-580/Hacienda Drive, Hopyard Road, and Santa Rita Road, channel improvements to the Arroyos within the business park and downstream from the business park, public streets and utilities, first phase of the City's Traffic Operations Center (TOC), etc., that benefitted the community. (The Arroyo improvements alone lowered the flood elevations of a number of single-family properties thereby removing their requirement for flood insurance.) Hacienda Development Agreements The first Development Agreements for Phase I and Phase II were approved for a period of 25 years, which was the projected time to build out Hacienda. The City Council then approved two amendments to the Development Agreements for Phase I and Phase II that extended the expiration date of the Development Agreements to December 31, 2008. The City Council approved a third amendment to the Development Agreements that extended their expiration date to December 31, 2013. The third amendment only applied to the following sites: BRE Properties, Inc., Kaiser Permanente (former Oracle), Oracle, Pleasanton Paper/Unisource, Roche Molecular, SafeAmerica Credit Union, Walmart, WP Carey (Shaklee), and 1st United Services Credit Union as these were the only sites with approved projects that would benefit from the extension of the Development Agreements. The fourth and fifth amendments to the Development Agreements covered the two high density residential/multi-use developments on the BRE properties with a December 31, 2018, expiration date, for the BRE properties only. Page 2