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75O C. The City desires to enter into this Development Agreement with Developer in order to facilitate the development of certain property (the ,'Property") known as "Lake Center Professional office Park" (the "Development"), more fully described in ~ and shown on the map set forth on ~, both attached hereto. Such development shall be in accordance with (i) Specific Development Plan No. 5_~8, adopted by the same ordinance of the City which approved this Development Agreement (the "Plan") and (ii) Existing Development Regulations (as defined below); provided however, no use which is permitted only pursuant to the issuance of a conditional use per, it by the Plan shall be considered part of the ,,Development" within the scope of this Development Agreement. The City has given notice of its intention to adopt this proposed Development Agreement, has conducted public hearings thereon pursuant to Government Code Section 65867, and the City's Resolution No. 82-98 and has found that the provisions of this Development Agreement and its purposes are consistent with the objectives, policies, general land uses and programs specified in the City's General Plan, the Plan, and the Existing Development Regulations. In connection with its approval of the Development, a Final Environmental Impact Report ("EIR") was prepared and certified by the City Council on D. Developer has engaged, prior to the date of this Development Agreement, in substantial development activity on the Property, and has completed approximately fifty percent (50%) of the construction of the Development Plan. In the course of this work, Developer has provided significant public benefits and has invested substantial amounts of money in reliance on project approvals. Continued development of the Property will require the construction of substantial public improvements in various phases, many of which improvements will benefit both the Development and surrounding areas. Certain development risks and uncertainties associated with the long term nature of the Development, including the cost of the portion of these public improvements, could discourage and deter Developer from making the long term commitments necessary to fully develop the Property; therefore, the parties desire to enter into this Development Agreement in order to reduce or eliminate uncertainties to such development over which the city has control. E. As permitted by law, the City and Developer desire to establish design and development standards for the entire build-out period of the Development, including all phases thereof, the permitted uses for the Development, and to identify the scope of public infrastructure improvements to be required for and as a result of the Development. OC.t ~. \D~C \ CA~-PAC \C~.,-PAC .AG4 2