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EXHIBIT 1 LS 11.19.19 ORDINANCE NO. NS-2979 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING DEVELOPMENT AGREEMENT NO. 2018-01 BETWEEN THE CITY OF SANTA ANA AND AC 2525 MAIN, LLC FOR CERTAIN REAL PROPERTY LOCATED AT 2525 NORTH MAIN STREET WITHIN THE CITY OF SANTA ANA PURSUANT TO CALIFORNIA GOVERNMENT CODE SECTION 65864, ET SEQ. THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS FOLLOWS: Section 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: WHEREAS, the City of Santa Ana ("City") is authorized pursuant to Government Code Sections 65864 through 65869.5 to enter into development agreements with persons having legal or equitable interests in real property for the purpose of establishing certainty for both City and owner in the development process; and WHEREAS, the City has found that development agreements strengthen the public planning process, encourage private participation in comprehensive planning by providing a greater degree of certainty in that process, reduce the economic costs of development, allow for the orderly planning of public improvements and services, allocate costs to achieve maximum utilization of public and private resources in the development process, and ensure that appropriate measures to enhance and protect the environment are achieved; and WHEREAS, the City enters into this Development Agreement pursuant to the provisions of the Government Code and applicable City policies; and WHEREAS, AC 2525 Main, LLC ("Applicant") seeks to develop the Addington Multi -Family Residential Project ("proposed Project"), originally proposed as a 496-unit multi -family project on a 5.93-acre site at 2525 North Main Street in Santa Ana, California ("Project Site'); and WHEREAS, during the entitlement and environmental review process, and in response to comments and concerns raised by the public and the City's elected officials, the Applicant has proposed modifications to the original proposal; and WHEREAS, the Project as currently proposed now entails, among other things, (1) demolition of the existing 81,172 square foot vacant two-story office building and 442-space surface parking lot on the Project Site; (2) redevelopment of the 5.93-acre site with 444,534 square feet of total development, including 277,281 square feet of residential buildings that would provide 256 for -rent multi -family residential units and a Ordinance NS-2979 Page 1 of 10 #191680 11 A-3