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A-~-ement ~a.l~ limit the future exercise of.certain <br />governs, entailed proprietary powers of the ~lty. By. <br />approving this D~velopmen~gr~nt, the City Council has <br />elected to exercise certain governmental powers at the time <br />of entering into this Development Agreement rather than <br />deferring its actions to'some undetermined future date. The <br />terms and conditions of this Development Agreement have <br />undergone extensive review by the city and its Council and <br />have been found to be fair, just and reasonable, and the city <br />has concluded that the pursuit of the Development will serve <br />the best interests of its citizens and the public health, <br />safety and welfare will be best served by entering into this <br />obligation. The city acknowledges that Developer would not <br />consider or engage in the Development without the assurances <br />of development entitlement which this Development Agreement <br />is designed to provide. <br /> H. The mutual undertakings, assurances, and <br /> covenants provided for in this Development Agreement provide <br /> public benefits to the city and its residents, including the <br /> promotion of comprehensive planning, private and public <br /> cooperation and participation in the provision of public <br /> benefits, the increase in the city tax revenues from the <br /> Development, and the effective and efficient development of <br /> public facilities and infrastructure supporting the <br /> Development which was contemplated and promoted by Government <br /> Code §§ 65864 et seq. <br /> I. This Development Agreement will promote and <br /> encourage the development of the Property by providing <br /> Developer and its creditors with a greater degree of <br /> certainty of Developer's ability to expeditiously and <br /> economically complete the development effort, and the parties <br /> agree that the consideration to be received by the city <br /> pursuant to this Development Agreement and the rights secured <br /> to Developer hereunder constitute sufficient consideration to <br /> support the covenants and agreements Of the city and <br /> Developer. By entering into this Development Agreement, the <br /> city desires to vest in Developer, to the fullest extent <br /> possible under the law, all possible development entitlements <br /> in order to complete the Development. <br /> J. The city Planning Commission and the city <br /> Council have found and determined that this Development <br /> Agreement: (i) is consistent with the city's general plan <br /> and all specific plans as of the date of this DeVelopment <br /> Agreement (as referenced in Government code §§ 65450 e_~t seq.) <br /> applicable to the Development; (ii) is in the best interest <br /> of the health, safety, and general welfare of the city, its <br /> residents, and the public; (iii) is entered into pursuant to <br /> and constitutes a present exercise of the city's police <br /> power; and (iv) is entered into pursuant to and in compliance <br /> with the requirements of Government code § 65867, the city <br /> <br />OC22\~P50\rk~>ent Z. egt <br /> <br />3 11/~/89 <br /> <br /> <br />