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4'74 <br /> <br />DEVELOPMENT AGREEMENT <br /> <br /> THIS DEVELOPMENT AGREEMENT ("Agreement") is entered into <br />by and between the CITY OF SANTA ANA, a municipal corporation <br /> <br />(hereinafter "City"), and HUTTON <br /> <br />California corporation (hereinafter <br /> <br />the authority of Sections 65864 <br />Government Code of the State of California <br /> <br />Agreement Statute"). <br /> <br />DEVELOPMENT CO., INC., a <br /> "Developer"), pursuant to <br /> through 65869.5 of the <br /> <br /> (the "Development <br /> <br />RECITALS: <br /> <br /> A. To strengthen the public planning process, <br />encourage private participation in comprehensive planning and <br />reduce the economic risk of development, the Legislature of <br />the State of California adopted the Development Agreement <br /> <br />Statute, which statute authorizes the City to enter into a <br />development agreement with any person having a legal or <br />equitable interest in real property for the purpose of <br /> <br />establishing certain development rights in the property which <br />is the subject of a development project application. <br />Pursuant to the authorization set forth in California Govern- <br />ment Code Section 65864 et seq., the City has established <br />Procedures and Requirements for Consideration of Development <br />Agreements which were adopted by Resolution 82-98 of the City <br />Council of the City of Santa Ana. <br /> <br />2/23/90 <br /> <br />-1- <br /> <br /> <br />