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F. The city recognizes that Developer may sustain <br />substantial losses if the City were to default in its <br />obligations herein undertaken, including the substantial <br />investment made by Developer to plan the Development. <br /> <br /> G. The City, by electing to enter into contractual <br />agreements such as this one, acknowledges that the <br />obligations of the city shall survive beyond the term or <br />terms of the present city Council members, that such action <br />will serve to bind the city and future councils to the <br />obligations thereby undertaken, and this Development <br />Agreement shall limit the future exercise of certain <br />governmental and proprietary powers of the City. By <br />approving this Development Agreement, 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 /> <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 S§ 65864 et seg. <br /> <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 /> <br />75]. <br /> <br />OCll \DEC \CAL-PAC\CAL-PAC. AG$ 3 <br /> <br /> <br />