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D. The CITY and COUNTY are public entities possessing the common power <br />to conduct and evaluate applications for discretionary and ministerial permits for <br />development, including, but not limited to, subdivision maps, conditional use permits, <br />grading permits and building permits, and approvals related to the implementation, <br />planning, and development of real property ("Development Approvals"), <br />E. The CITY intends, by way of this Agreement and pursuant to California <br />Government Code section 51300 at seq. to contract with the COUNTY for the <br />performance of all Development Approvals for the Development Project. Subject to this <br />Agreement, and as limited to the Development Project alone, the COUNTY will assume <br />the authority for the Development Approvals. <br />F. In the event of a "jurisdictional change" as defined in California Revenue <br />and Taxation Code section 99, prior to the effective date of any jurisdictional change, the <br />affected agencies of such change shall negotiate the amount of property tax revenues to <br />be exchanged. <br />G. The Parties have met and negotiated both a property tax exchange and <br />other consideration, all of which is conditional upon the CITY'S annexation of the <br />Annexation Area becoming final and effective. <br />AGREEMENT <br />NOW, THEREFORE, based on the foregoing and in consideration of the Parties' <br />mutual agreements and promises hereinafter set forth, the sufficiency of which is hereby <br />acknowledged, the Parties agree as follows: <br />1. CITY'S ANNEXATION APPLICATION <br />Within 90 days of the execution of this Agreement, the CITY will file an application <br />for and diligently pursue annexation of the Annexation Area with the Orange County Local <br />Agency Formation Commission (OCLAFCO). <br />Page 2 of 9 <br />75C-24 <br />