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<br /> REPORTER'S TRANSCRIPT OF PROCEEDINGS TAKEN 5-24-04 <br />1 innovative use of infrastructure. <br />2 Next slide. <br />3 In addition to that, the City Council would <br />4 have to approve or adopt a Precise Plan with the <br />5 proposed revisions that are in your staff report. <br />6 Approve a Development Agreement. And a <br />7 Development Agreement is essentially a contract <br />8 between the City and the developer giving them <br />9 certain rights to build. In return, the City will <br />10 freeze and not change anything in the meantime, <br />11 provides them with destine rights. <br />12 And some of the highlights in the <br />13 Development Agreement include a term limit of 20 <br />14 years. We expect that the project will be built <br />15 out in 20 years. It also establishes minimum <br />16 progress standards, so we are sure that certain <br />17 things happen at certain times throughout the term. <br />18 And, also, it does recognize that water <br />19 supply is limited and there's no guarantee there's <br />20 water for the project. <br />21 Next slide. <br />22 Now, I want to assure the City Council that <br />23 this is not the last time the City will see this <br />24 project if it's approved, there's still some <br />25 discretionary review that has to occur. <br /> UCCELLI & ASSOCIATES 28 <br /> (650) 952-0774 <br /> .- <br />