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! 948 ORDINANCE NO. NS- 1941 PAGE TWO NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS FOLLOWS: 1. The SD (Specific Development) district desig- nation and Specific Development Plan No. 43, as proposed in Amendment Application No. 992, and the Development Agreement are hereby found and determined to be consistent with the general plan of the City of Santa Ana and otherwise justified by the public necessity, convenience and general welfare; 2. Those parcels of real property located generally on the northeast corner of Main Street and MacArthur Boulevard and more specifically delineated in Exhibit A, attached hereto and incorporated herein, are hereby reclassified from the M1 (Light Industrial) and C2 (General Commercial) districts to the SD (Specific Development) district. 3. Specific Development Plan No. 43, set forth in Exhibit B, attached hereto and incorporated herein, is hereby approved and adopted for the abovesaid property. 4. That certain Development Agreement between the City of Santa Ana and BGS Partners, in the form set forth in Exhibit C, attached hereto and incorporated herein, is hereby approved, and the Mayor is authorized to execute said Agreement on behalf of the City of Santa Ana following its execution by BGS Partners, and the Clerk of the Council to attest to the same. 5. The Clerk of the Council is directed to cause a copy of the said Development Agreement to be recorded in the official records of Orange County, California, within ten days following its effective date. As use herein "effec- tive date" means the date thirty days after the date of this ordinance, or the date of the execution of this Agreement by both parties, or the date BGS Partners acquires title to the property which is the subject of the Development Agreement, whichever last occurs. 6. Based on the MacArthur Place Environmental Impact Report and other information reviewed and considered by the City Council, the City Council adopts the following Statement of Overriding Considerations in support of its actions approving Amendment Application No. 992, Specific Development Plan No. 43, the Development Agreement with BGS Partners, and all other approvals of the MacArthur Place development project (the "Project"): a. The Project represents development of a largely undeveloped parcel in an urban area where