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<br /> 1 <br /> <br /> <br />DEVELOPMENT AGREEMENT <br />THIS DEVELOPMENT AGREEMENT (this “Development Agreement” or this <br />“Agreement”) is entered into as of ________, 2014 (the “Agreement Date”) by and between <br />the City of San Leandro, a California Charter City organized and existing under the laws of the <br />State of California (“City”) and Chang Income Property Partnership LP, San Leandro Land <br />Series (R1), a Delaware limited partnership (“Developer”). City and Developer are referred to <br />individually as “Party,” and collectively as the “Parties.” <br />RECITALS <br />This Agreement is entered upon the basis of the following facts, understandings and <br />intentions of City and Developer. <br />A. The lack of certainty in the approval of development projects can result in a waste <br />of resources, escalate the cost of development, and discourage investment in and commitment to <br />comprehensive planning that would make maximum efficient utilization of resources at the least <br />economic cost to the public. <br />B. In order to strengthen the public planning process, encourage private participation <br />in comprehensive planning and reduce the economic costs and risk of development, the <br />Legislature of the State of California enacted Section 65864 et seq. of the Government Code (the <br />“Development Agreement Legislation”), which authorizes City to enter into a development <br />agreement for real property with any person having a legal or equitable interest in such property <br />in order to establish certain development rights in the property. <br />C. Developer has a fee interest in certain real property consisting of approximately <br />5.27 acres located adjacent to the San Leandro Bay Area Rapid Transit (“BART”) station, <br />bordered by Martinez St., Thornton St., Alvarado St. and West Estudillo Ave., known as APN <br />Nos. 075-0047-002-00, 075-0047-003-02, 075-0047-007-00, 075-0041-002-01 as more <br />particularly described in Exhibit A attached hereto, and as diagrammed in Exhibit B attached <br />hereto (the “Property”). <br />D. On September 4, 2007 City adopted the San Leandro Downtown Transit Oriented <br />Development Strategy (the “TOD Strategy”) to establish a land use framework, a comprehensive <br />circulation plan, design and development guidelines and a series of implementation actions in <br />order to increase transit ridership and to enhance downtown San Leandro. <br />E. The Property is located within the TOD-BART Mixed Use and <br />Public/Institutional areas, as designated and defined in the TOD Strategy. <br />F. Developer intends to develop the Property in three phases as a mixed-use <br />commercial/limited retail/office complex, which will include public open space, construction of <br />bicycle and pedestrian walkways and access to local transit (as defined more fully in Section 1.4 <br />below, the “Project”). <br />G. The complexity, magnitude and long-range nature of the Project would be <br />difficult for Developer to undertake if City had not determined, through this Development