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DEVELOPMENT DEFERMENT AGREEMENT <br /> <br /> THiS DEVELOPMENT DEFER~IENT AGREEMENT ("Agreement") <br />is made this 21st day of May, 1985, by and between CROW- <br />SPIEKER-SINGLIgTON ~112, a Texas limited partnership <br />("Crow"), and TI~E CITY Ol~ PLEASANTON, a municipal <br />corporation ("City"). <br /> <br /> RECITALS <br /> <br /> This Agreement is entered <br /> <br /> facts, understandings and <br /> <br />following <br />parties: <br /> <br /> A. <br />located <br /> <br />into on the basis of the <br />intentions of the <br /> <br /> Crow purchased approximately 48.77 acres of land <br />in Pleasanton, bounded generally by Highway 580 and <br /> <br />Santa Rita Road, more particularly described in EXHIBIT A to <br />this Agreement (the "Property"). In connection with the <br />purchase of the Property, Crow also acquired the right to <br />two hundred thirty-four (234) Dwelling Unit Equivalents <br />associated with the Property. <br /> <br /> B. The Property is zoned CC (Central Commercial) <br />permitting construction of buildings to serve commercial and <br />retail businesses. Crow intends to develop the Property for <br />uses permitted by existing zoning. <br /> <br /> C. City wishes to preclude Crow and its successors <br />from obtaining building permits necessary to develop the <br /> <br /> <br />