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Recorded at the request of the City of Pleasanton When recorded, return to: City of Pleasanton PO Box 520 Pleasanton, CA 94566 REIMBURSEMENT AGREEMENT FOR GOLF COURSE FEASIBILITY STORY THIS AGREEMENT is entered into at Pleasanton, California, this 13th day of September, 1994, by and between the City of Pleasanton, a general law city ("City") and MJb! Partners, ("Developer"). A. Developer is the owner of certain real property in Alameda County, more particularly described in the attached Exhibit A. B. In addition, Developer represents that he represents the owners of other real property in Alameda County described by Assessor Parcel Numbers on the attached Exhibit B and shown on the attached Exhibit C ("the Property"). C. City has an interest in participating with the Developer in a public golf course project. However, prior to any further participation, City desires an analysis of the feasibility of the golf course, a review of the financing alternatives and an appraisal of the proposed site. City has agreed to fund a golf course feasibility study, financing alternatives analysis and appraisal, subject to being reimbursed if the City determines it does not want to participate in a golf course construction or otherwise determines that the golf course is not appropriate or feasible. NOW, THEREFORE, it is agreed as follows: 1. Golf Course Feasibility Studv. City shall advance the cost of the golf course feasibility study. City shall execute a contract with a consultant, knowledgeable in the field of public golf course feasibility studies, to complete an analysis of the Property for a public golf course. The chosen consultant shall meet with the City and Developer and determine the type/quality of the golf facility to be constructed, estimate the cost of the golf course, perform a detailed market analysis to estimate revenues and expenses, assist in the final decision-making - 1 -