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292 <br /> <br /> C. Development of the Property, which is a largely <br />vacant area almezt totally lacking in required infrastructure <br />improvements° requires the construction of substantial public <br />improvements in various phases, many of which improvements will <br />benefit both the Development and surrounding areas. Certain <br />development risks and uncertainties associated with the long term <br />nature of the Development, including the cost of the portion of <br />these pubtic improvements, could discourage and deter Developer <br />from making the long term commitments necessary to fully develop <br />the Property; therefore, the parties desire to enter into this <br />Development Agreement in order to reduce or eliminate <br />uncertainties to such development over which the City has control. <br /> <br /> D. As permitted by law, the City and the Developer <br />desire to establish design and development standards for the <br />entire build-out period of the Development, including all phases <br />thereof, the permitted uses for the Development, and to identify <br />the scope of public infrastructure improvements to be required <br />for and as a result of, the Development. <br /> <br /> E. The City recognizes that Developer may sustain <br />substantial losses if the City were to default in its obligations <br />herein undertaken, including the substantial investment made by <br />Developer to plan the Development. <br /> <br /> F. The City, by electing to enter into contractual <br />agreements such as this one, acknowledges that the obligations of <br />City shall survive beyond the term or terms of the present City <br />Council members, that such action will serve to bind the City and <br />future Councils to the obligations thereby undertaken, and this <br />Pevelopment Agreement shall limit the future exercise of certain <br />governmental and proprietary powers of the City. By approving <br />this Development Agreement, the City Council has elected to <br />exercise certain governmental powers at the time of entering into <br />this Development Agreement rather than deferring its actions to <br />some undetermined future date. The terms and conditions of this <br />Development Agreement have underqone extensive review by the City <br />and its Council and have been found to be fair, just and <br />reasonable, and the City has concluded that the pursuit of the <br />Development will serve the best interests of its citizens and the <br />public health, safety and welfare will be best served by entering <br />into this obligation. City acknowledges that Developer would not <br />consider or engage in the Development without the assurances of <br />development entitlement which this Development Agreement is <br />designed to provide. <br /> <br /> G. This Development Agreement will promote and <br />encodrage the development of the Property by providing the <br />Developer and its creditors with a greater degree of certainty of <br />the Developer's ability to expeditiously and economically <br />complete the development effort, and the parties agree that the <br />consideration to be received by the City pursuant to this <br />Development Agreement and the rights secured to the Developer <br />hereunder constitute sufficient consideration to support the <br />covenants and agreements of the City and the Developer. By <br />entering into this Development Agreement, City desires to vest in <br />Developer, to the fullest extent possible under the law, all <br />possible development entitlements in order to complete the <br />Development. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants <br />and agreements contained herein, and other good and valuable <br />consideration, the receipt of which is hereby acknowledged, the <br />parties do hereby agree as follows: <br /> <br /> <br />