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SENT BY:SF OFFICE ; 1-30-96 ; 0:48 ; KEYSER DIARSTON 5105776007;# 4/10 <br />II. SUMMARY OF THE PROPOSED AGREEMENT <br />A. Description of the Site and the Proposed Development <br />Site <br />The site is comprised of real property ("Property") owned by the Agency, which will be deeded to the <br />Developer for development, construction and operation of a new fast food restaurant and automobile <br />service station. The Agency understands that the Developer may subdivide the property. <br />The Property comprising the site is identified as follows: <br />The site of the new fast food restaurant and automobile service station is approximately <br />55,000 square feet (1.26 acres) at the northeast quadrant of Davis Street and the new <br />Costco Driveway in San Leandro. A survey will be done in the future to exactly define <br />the parcel. <br />Developer <br />The Developer is Shell Oil Company, a Delaware corporation and Whitehurst Management Company <br />(collectively "Shell'). <br />Project Description <br />The proposed development ("Project") will consist of a new fast food restaurant and automobile <br />service station, including a freestanding car wash. The project must conform to the provisions and <br />property development standards contained in the Disposition and Development Agreement (DDA) to <br />be prepared and executed prior to Developer exercising the Option Agreement. There will be no <br />publicly owned facilities. The Agency understands that the Developer may subdivide the property. <br />x Agency Responsibilities <br />The Agency will convey the Property to the Developer under terms and conditions acceptable to the <br />Agency that will be documented in the DDA. Specific terms and conditions stated in the Agreement <br />include: <br />The Agency shall sell the Developer Parcels to the Developer for $24 per sq.R. of land <br />area, all cash. The parcel is approximately 55,000 sq.ft. (1.26 acres) in size, resulting in <br />an estimated sale price of $ l .32 million. The exact price will be determined in the <br />future after the survey measuring the parcel is completed. <br />2. The Agency or City shall assist the Developer in obtaining all requisite permits and <br />approvals. <br />190WMI5-o01.doc Page 3 <br />