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  5. 216 Cal.App.3d 1197 (1989)
 

NORTHWOOD HOMES, INC. v. TOWN OF MORAGA

Docket No. A042129.

216 Cal.App.3d 1197 (1989)

265 Cal. Rptr. 363

NORTHWOOD HOMES, INC., Plaintiff and Appellant, v. TOWN OF MORAGA et al., Defendants and Respondents.

Court of Appeals of California, First District, Division One.

December 21, 1989.

Attorney(s) appearing for the Case

COUNSEL

Ellman, Burke & Cassidy, Howard N. Ellman, Stephen K. Cassidy and Kenneth N. Burns for Plaintiff and Appellant.

McDonough, Holland & Allen, William L. Owen and Michelle Marchetta Kenyon for Defendants and Respondents.

OPINION

RACANELLI, P.J.

Northwood Homes, Inc. (Northwood), appeals from the judgment below denying its challenge to the validity of an "open space ordinance" adopted as an initiative measure by the voters of the Town of Moraga. We will affirm for the reasons we explain.

FACTS

In 1980, Northwood, an experienced real estate developer, acquired an option to purchase two large undeveloped tracts of land situated in Moraga...

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