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Mountain House Investors, LLC <br />Pinnacle Ridge, LLC <br />1852 W. 11th Street, Suite 266 <br />Tracy, CA 95376 <br /> <br />February 11, 2021 <br />Attn; Aaron Smud <br /> <br />Re: Alpine Development Transfer of Water Servicing Capacity and PLEP <br /> <br />To meet the requirements of the Public Land Equity Program (PLEP) (Chapter 9-1245M of the <br />San Joaquin County Code) and the Water Supply capacity requirements of the Mountain House <br />Community Services District (MHCSD), Pinnacle Ridge LLC (Pinnacle) is required to satisfy a 0.58 <br />Acres Public Land Deficit under the PLEP and obtain capacity for 10,067 GPD of domestic water <br />supply and 10,571 gal of water storage to develop their property in the MHCSD. Joanne <br />Kimbrough (Machado) representing her family and Mountain House Investors, LLC (MHI) have <br />the necessary PLEP and water capacity to meet these requirements. <br />As a result an agreement has been reached between Pinnacle, Machado will provide 0.58 Acres <br />of PLEP Land Vouchers, and MHI will provide the water capacity needed by Pinnacle. <br />The terms of the agreement for the transfer of PLEP are; <br />The total amount to be paid by Pinnacle for the 0.58 Acres is $130,000 to Machado . The <br />payment will be made by Pinnacle in two payments. The first a 20 % nonrefundable <br />deposit or $26,000 will be made immediately to Machado to reserve the PLEP and the <br />second and final payment of $104,000 made to Machado at annexation of the property <br />to the MHCSD. Machado acknowledges that this price does not reflect the current <br />market value of PLEP Land Voucher at $400,000/Acre. This discount is being provided to <br />help the MHCSD bring this business to Mountain House. <br />Upon confirmation of the second and final payment by Pinnacle to Machado, Machado <br />shall assign a Land Voucher equivalent to 0.58 acres to Pinnacle. Machado will <br />coordinate with MHCSD on the preparation of the necessary documentation of the <br />assignment. <br />The agreement on the PLEP will terminate 6 months after execution <br />The Initial payment will be made within three business days of execution of the <br />agreement.