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Committee approved a plan for 391 housing units on the Busch
property. In 1997, in the face of neighborhood concerns about
traffic patterns, the Planning Commission approved 360 housing
units for the Busch property. In addition, a neighborhood
committee (by a 7 to 1 vote) agreed to a plan for the Busch
property containing 300 housing units.
Just prior to the June 30, 1997, closing date, the parties
revised their agreement and entered into an Amended and Restated
Agreement of Option to Purchase, which was effective June 1,
1997, and, accordingly, no closing occurred under the original
option agreement. Under the amended agreement, the $150,000 per-
acre base price and the $50,000 per unit in excess of 250 units
remained the same. The amended agreement provided for a “Price
Escalator” under which the purchase price for the Dana or Busch
portions would increase by $25,000 per month, beginning June 30,
1997, until the date of the first closing, scheduled for no later
than January 5, 1998. The first closing under the amended
agreement did not occur, and Ponderosa renewed the option
agreement in March 1998.
Ponderosa presented a 360-unit site plan to the Pleasanton
Planning Commission and received approval around the end of 1996.
In early 1997, Ponderosa went to the city council, but it was not
until December 2, 1997, that a 300-unit plan was adopted, and it
was determined that the plan would not have significant adverse
effects on the environment. On December 16, 1997, the city
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Last modified: May 25, 2011