PONDEROSA HOMES II 4202 STANLEY TRACT 8159

/i-41 /� PUBLIC FACILITIES FEE CREDIT AGREEMENT Ponderosa Homes at 4202 Stanley Blvd. This Public Facilities Fee Credit Agreement ("Agreement") is entered into November `c, 2014, between Ponderosa Homes II, Inc., a California corporation ("Ponderosa") and the City of Pleasanton, a general law city("City"). RECITALS A. Ponderosa has a City-approved planned unit development plan ("PUD-97") and final map for Tract 8159 for the development of twelve lots with new single family homes at 4202 Stanley Boulevard, Pleasanton; and B. Condition of Approval No. 3 (COA#3) for PUD-97 required Ponderosa to either: (1) make improvements worth thirty thousand dollars ($30,000) "for a new roof, exterior paint and landscaping improvements" (the"Repairs") to the existing home on Parcel 2 of Parcel Map 10180 ("Parcel 2"); or (2)pay two thousand five hundred dollars ($2,500) into the Bernal Park Reserve Fund with the issuance of each building permit for the twelve new homes in Tract 8159; and C. Ponderosa sold Parcel 2 to the Andrew Batute Trust ("new owner") and required that the new owner make the Repairs to the existing home on Parcel 2, which repairs would be paid for by Ponderosa through payment to the new owner of thirty thousand dollars ($30,000) in increments described in the Agreement Regarding Improvements to 4202 Stanley Boulevard, Pleasanton, CA, dated December 16, 2013 between Ponderosa and new owner, a copy of which has been provided to the City; and D. In addition to its agreement to pay the new owner for the Repairs, Ponderosa has also been paying the City the $2,500 for the Bernal Park Reserve Fund with the issuance of the first four building permits for Tract 8159; and E. The City and Ponderosa acknowledge that COA#3 only requires Ponderosa to either make the Repairs, or pay into the Bernal Park Reserve Fund, and since Ponderosa is currently doing both, the City and Ponderosa enter into this Agreement to provide for a credit for Ponderosa against the City's Public Facilities Fee when further building permits are issued for Tract 8159 when Repairs on Parcel 2 are verified as described in this Agreement. NOW, THEREFORE, in exchange for mutual consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: I. Credit Against Public Facilities Fee. The City shall provide Ponderosa a credit against the Public Facilities Fee otherwise due for each building permit for the remaining new single family homes on Tract 8159, up to thirty thousand dollars ($30,000) in total Public Facilities Fee credits, as follows: a. Ten thousand dollars ($10,000) in such Public Facilities Fee credits shall be provided when the new owner, or its agent, is issued a City building permit for the re-roof of the existing home on Parcel 2. Public Facilities Fee Credit Agreement PUD-97 Page 1 of 2