PLEASANTON UNIFIED SCHOOL DISTRICT - FINANCING

FINANCING AGREEMENT BETWEEN THE CITY OF PLEASANTON AND THE PLEASANTON UNIFIED SCHOOL DISTRICT THIS AGREEMENT is made 2002 between the City of Pleasanton, a Municipal Corporation (City) and the Pleasanton Unified School District, a public entity (District) concerning a joint financing plan for the Vineyard Avenue Corridor infrastructure. RECITALS A. City adopted the Vineyard Avenue Specific Plan (the Specific Plan) on June 1, 1999 to guide future development within the Specific Plan Area (Plan Area). The Specific Plan sets forth land uses, infrastructure and policies governing future development of the lands within the Plan Area, a key element of which is the realignment of Vineyard Avenue. The Specific Plan also allocates to the District its share of the costs for the Specific Plan's infrastructure. The allocation of the District's share of the Specific Plan's infrastructure costs are incorporated herein by this reference. B. The Specific Plan contemplated that one or more private developers of property in the Plan Area would front construction of the realignment of Vineyard Avenue and the utilities within the Plan Area but the downturn in the economy in 2001 led the developers to postpone planned development within the Plan Area. C. The District has planned an elementary school within the Plan Area, has purchased property therefor, has negotiated a financing program for the school's construction; and the school requires much of the road and utility improvements planned within the realigned Vineyard Avenue to be constructed in order for the school construction to proceed. D. City and District have explored options to fund and construct the realigned Vineyard Avenue and selected utility segments. Funding by City and District for these improvements, as described herein, may exceed their respective ultimate pro rata shares of the cost of such improvements, making City and District eligible for reimbursement dependent on the ultimate development of the property within the Plan Area. E. PG&E has planned a 230 kV transmission line in the Vineyard Corridor and has received approval from the State of California Public Utilities Commission to construct this line in the realigned 'vineyard Avenue, if available in the summer of 2002; otherwise, to construct the line in the existing Vineyard Avenue. F. City and District prefer the line to be constructed in the realigned Vineyard Avenue and are willing to fund construction of the realignment and related utilities in order that PG&E may utilize the realigned Vineyard Avenue for the line.