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DEVELOPMENT AGREEMENT NO. 2018-01 This Development Agreement (hereinafter "Agreement") is entered into as of this 171 day of December, 2019 by and between the City of Santa Ana, California (hereinafter "CITY"), and AC 2525 Main, a Delaware limited liability company (hereinafter "OWNER"). RECITALS: WHEREAS, CITY is authorized to enter into binding development agreements with persons having legal or equitable interests in real property for the development of such property, pursuant to Section 65864, et sue. of the Government Code; and WHEREAS, this Agreement constitutes a current exercise of CITY'S police powers to provide predictability to OWNER in the development approval process by vesting the permitted uses, density, intensity of use, and timing and phasing of development consistent with the Development Plan in exchange for OWNER'S commitment to provide significant public benefits to CITY as set forth in Section 4, below. WHEREAS, OWNER has requested CITY to enter into a development agreement and proceedings have been taken in accordance with the rules and regulations of CITY; and WHEREAS, the best interests of the citizens of the City of Santa Ana and the public health, safety and welfare will be served by entering into this Agreement; and WHEREAS, the City Council hereby finds and determines that this Agreement is of major significance because it will enable the CITY to fund much needed capital improvements and provide much needed public services and will therefore also have a major, beneficial economic impact on the CITY; and WHEREAS, the provision by OWNER of the public benefits allows the CITY to realize significant economic, recreational, park, open space, educational, social and public facilities benefits. The public benefits will advance the interests and meet the needs of Santa Ana residents and visitors to a significantly greater extent than would development of the Property without this Agreement. WHEREAS, the physical effects, if any, of the Project and this Agreement have been analyzed pursuant to California Environmental Quality Act as amended to date and as documented in the Final Environmental Impact Report entitled "Magnolia at the Park Multi -Family Residential Project" (State Clearinghouse House No. 2018021031 and City of Santa Ana DP No. 2017.34); and WHEREAS, this Agreement and the Project are consistent with the Santa Ana General Plan and any specific plan applicable thereto; and WHEREAS, all actions taken and approvals given by CITY have been duly taken or approved in accordance with all applicable legal requirements for notice, public hearings, findings, votes, and other procedural matters; and WHEREAS, development of the Property in accordance with this Agreement will provide substantial benefits to CITY and will further important policies and goals of CITY; and WHEREAS, this Agreement will eliminate uncertainty in planning and provide for the orderly development of the Property, ensure progressive installation of necessary improvements, provide for public services appropriate to the development of the Project, and generally serve the purposes for which 55394.00002\31 553 187.13 #21124v3 11 A-17