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M ` <br />. ~ ~ ~- <br /> <br />FIRST AMENDMENT TO <br />VALLEY AVENUE EXTENSION UNDERPASS AGREEMENT <br />THIS FIRST AMENDMENT TO THE VALLEY AVENUE EXTENSION <br />UNDERPA S AGREEMENT dated July 17, 2001 is entered into this day of <br />2004, by the City of Pleasanton ("City") and Bernal Investment <br />Company, LLC ("BIC"). <br />RECITALS <br />A. BIC and GHC Bernal Investors, LLC have acquired real property from the <br />City and County of San Francisco totaling approximately 516 acres bounded in the west <br />by the Arroyo de la Laguna, on the north by Bernal Avenue, and on the east by the <br />Alameda County Transportation Corridor commonly known as the Bernal Property <br />("Property"), and has approved plans for residential and commercial development on <br />approximately 196 acres ("Project"). <br />B. As a condition of development of the Project, BIC is required to construct <br />a crossing at separated grades ("Underpass Project") at the proposed extension of Valley <br />Avenue and the tracks of the Union Pacific Railroad ("UPRR"). <br />C. The City and BIC entered into the Valley Avenue Extension Underpass <br />Agreement dated July 17, 2001 ("Agreement"), because the California Public Utilities <br />Commission ("PUC") required the application for the Underpass Project to be signed by <br />a municipality with ultimate ownership of the improvements, and the parties desired to <br />memorialize the responsibilities of each. <br />D. BIC has now submitted improvement plans describing the Underpass <br />Project and specifically the construction of a railroad bridge crossing the proposed <br />extension of Valley Avenue ("Railroad Improvements") and roadway improvements <br />including street improvements, storm drain pumps and related equipment ("Roadway <br />Improvements"). <br />E. The City is having plans prepared for the relocation and construction of <br />channel improvements ("Channel Relocation Improvements"), including relocation of <br />the channel that is necessary for the Railroad Improvements and Roadway Improvements <br />and acceptable to the permitting agencies in context of the larger channel relocation <br />project ("BIC Channel Relocation Improvements"). Together, the Railroad <br />Improvements, the Roadway Improvements and the BIC Channel Relocation <br />Improvements are collectively referred to as "Improvements". <br />F. BIC has agreed to construct and fund the Railroad Improvements and the <br />Roadway Improvements. <br />FIRST AMENDMENT TO VALLEY AVENUE EXTENSION UNDERPASS AGREEMENT <br />Page 1 of 8 <br />