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<br /> 1 <br /> <br /> <br /> <br />MEMORANDUM <br /> <br />ATTORNEY CLIENT COMMUNICATION <br />PRIVILE GED AND CONFIDENTIAL <br /> <br />TO: Steve Reilly - 330 Land Company, LLC <br /> <br />FROM: Nadia Costa <br />Bryn Jedlic <br />CC: <br /> <br /> <br />RE: <br />Steve Dunn - USL Pleasanton Lakes, LP <br />Bridget Metz - USL Pleasanton Lakes, LP <br /> <br />Voluntary Contribution – Future El Charro Extension <br />DATE: October 14, 2025 <br /> <br />I. EXECUTIVE SUMMARY <br />330 Land Company, LLC (“Developer”) and USL Pleasanton Lakes, LP (“Landowner”) <br />have asked us to review whether the City of Pleasanton (the “City”) would have a reasonable <br />legal basis under applicable law to allocate a portion of the responsibility for funding the <br />installation of the Future El Charro Extension (as defined below) to the proposed Arroyo Lago <br />project (the “Project”) should the Project be annexed to the City. For the reasons discussed <br />below, we have concluded that the necessary legal nexus that would be required under <br />applicable law for any such allocation does not exist given the circumstances at hand, and <br />that accordingly, any contribution of funds towards the costs of the Future El Charro <br />Extension agreed by Developer in connection with the Project would be voluntary in nature <br />and solely at the discretion of the Developer in connection with the PADA negotiations. <br />The Future El Charro Extension is a long-planned regional transportation <br />improvement contemplated to serve the City and the broader region; the most recent cost <br />estimate for this improvement is quite expensive, approximately $115 million. Currently, <br />there is no funding allocated to the Future El Charro Extension under the City’s recently <br />adopted five-year $220.1 million Capital Improvement Program.