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<br /> 93103418
<br /> DEVELOPMENT AGREEMENT
<br /> THIS DEVELOPMENT AGREEMENT (the "Agreement") is made and
<br /> entered into as of November 5, 1992, by and between the CITY OF
<br /> PLEASANTON, a municipal corporation of the State of California
<br /> ("City") , and SECURITY TRUST COMPANY, as TRUSTEE under TRUST NO.
<br /> 1860-0 ("Developer") , pursuant to the authority of California
<br /> Government Code Sections 65864-65869. 5.
<br /> RECITALS:
<br /> This Agreement is entered into on the basis of the following
<br /> facts, understandings and intentions of the parties:
<br /> A. To strengthen the public planning process, encourage
<br /> private participation in comprehensive planning and reduce the
<br /> economic risk of development, the Legislature of the State of
<br /> California adopted Government Code Sections 65864-65869.5
<br /> authorizing the City to enter into development agreements in
<br /> connection with the development of real property within its
<br /> jurisdiction by qualified applicants with a requisite legal or
<br /> equitable interest in the real property which is the subject of
<br /> such development agreements.
<br /> B. Developer is the fee owner of that certain parcel of
<br /> land (the "Property") outlined in Exhibit A and being more
<br /> particularly described in Exhibit B attached hereto. The
<br /> Property constitutes approximately 35. 19 acres and is that
<br /> portion of the Shopping Center currently owned by Developer. The
<br /> Property is presently improved with a two-level enclosed mall,
<br /> mall stores fronting thereon, exterior parking and other common
<br /> area facilities, and related improvements. The Property
<br /> constitutes an integral part of Stoneridge Regional Shopping
<br /> Center (the "Shopping Center") , which has been constructed in
<br /> phases by Developer, commencing in 1978, and which now includes
<br /> major department stores owned and operated by Macy, Penney,
<br /> Capwell and Nordstrom.
<br /> C. Developer intends to add further retail and related
<br /> common area improvements to the Shopping Center as more
<br /> particularly described in Exhibit C hereto (said improvements
<br /> herein collectively referred to as the "Project") . Although the
<br /> Project as described in Exhibit C refers to additional future
<br /> Floor Area of up to 356, 000 square feet, the Project represents
<br /> an incremental addition of only 180,000 square feet of Floor Area
<br /> to the already anticipated and approved build-out of the Shopping
<br /> Center currently incorporated in the City's traffic models and in
<br /> other land use approvals in North Pleasanton previously
<br /> considered by the City.
<br /> D. The City has examined the environmental effects of the
<br /> Project and, based on the Initial Environmental Study and the
<br /> Traffic Mitigation Improvements hereinbelow referred to, has
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<br /> RECOrIDERS MEMO ---.}
<br /> LENBILITY FOR NICPORt,ING MD
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