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fiba <br /> I` C <br /> AGREEMENT BETWEEN THE CITY OF <br /> RANCHO PALOS VERDES AND V.H. PROPERTIES, CORPORATION <br /> THIS AGREEMENT is made and entered this 2nd day of September 2003,by <br /> and between the City of Rancho Palos Verdes, a California municipal corporation("City") and <br /> V.H. Properties, Corporation("Developer"). City and Developer are sometimes referred to <br /> singularly herein as "Party" and collectively as the "Parties." <br /> RECITALS <br /> A. Developer is the owner of that certain real property encompassed within Tentative <br /> Tract Map No. 50666, a portion of which is proposed for single-family residential development <br /> (the"Property"). The Property is part of a larger development,which is owned by Developer <br /> and is generally located at 1 Ocean Trails Drive,Rancho Palos Verdes, California, commonly <br /> known as the Ocean Trails Project("Ocean Trails"). Ocean Trails consists of a 258-acre site <br /> bounded by Palos Verdes Drive South on the north, the Portuguese Bend Club on the west,the <br /> Pacific Ocean on the south and Shoreline Park on the east. <br /> B. City approved various applications for the Ocean Trails project to allow the <br /> construction of a Residential Planned Development of 75 single family dwelling units and the <br /> development of an 18-hole golf course with associated clubhouse and parking facilities. <br /> C. The Property encompasses three landslide areas. Because portions of the Property <br /> that are being developed for residential purposes may be affected by one or more landslides on <br /> the Property, the public safety, health and welfare require that the geological and geotechnical <br /> conditions of the Property be thoroughly analyzed and addressed before construction of the <br /> proposed residences may proceed. <br /> D. City and Developer have each retained experts to analyze the geological <br /> conditions that underlie the site of the proposed residential units and to make recommendations <br /> regarding the potential development of the Property. However, given the inherent complexity of <br /> the geology on the Property and the inherent subjectivity of the science of geology, the Parties' <br /> respective experts have not always agreed on the geologic conditions on the Property or the <br /> actions that are necessary to achieve a factor of safety of at least 1.5 for the development of the <br /> residential lots. <br /> E. In the past, the Parties have found it useful to utilize a three-member panel of <br /> independent experts to review the geological and geotechnical data for the Ocean Trails Project <br /> in order to resolve any differences between the Parties' respective experts. However,the former <br /> panel of experts did not provide the definitive guidance desired by either City or Developer <br /> regarding the development of the residential lots in Tentative Tract 50666. Accordingly, City <br /> and Developer desire to form a new three-member panel (the"Panel") to resolve any disputes <br /> regarding the geotechnical and geological issues affecting the Property. <br />