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ORDiNANCE NO, NS-2106 093 G. As permitted by law, the City and the Developer desire to establish design and development standards for the entire build- out period of the Development, including all phases thereof, if any, 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. H. The City recognizes that Developer may sustain substantial losses if the city were to default in its obligations or commitments herein undertaken, including without limitation the substantial investment made by Developer to plan and obtain entitlements for the Development. 1. The City, by electing to enter into contractual agreements such as this one, acknowledges that the obligations of the City shall survive beyond the term or terms of the present city Council members, that such action will serve to bind the city and future city Councils to the obligations thereby undertaken, and this Development Agreement shall limit the future exercise of certain governmental and proprietary powers of the city., By approving this Development Agreement, the City Council has elected to exercise certain governmental powers at the time of entering into this Development Agreement, rather than deferring its actions to some undetermined future date. The terms and conditions of this Development Agreement have been found to be fair, just and reasonable, and the city has concluded that the pursuit of the Development will serve the best interests of its citizens and the public health, safety and welfare will be best served by entering into this obligation. The city acknowledges that Developer would not consider or engage in the Development without the assurances of development entitlements which this Development is designed to provide. J. This Development Agreement will promote and encourage the development of the Property by providing the Developer and its creditors with a greater degree of certainty of the Developer's ability to expeditiously and economically complete the development effort, and the parties agree that the consideration to be received by the city pursuant to this Development Agreement and the rights secured to the Developer hereunder constitute sufficient consideration to support the covenants and agreements of the city and the Developer. By entering into this Development Agreement, the City desires to allow the Development pursuant to the Development Agreement, the land use ordinances, rules, regulations and policies applicable on the "Effective Date," as defined in Section 4 hereof as amended, if at all, by this Development Agreement and, pursuant to this Development Agreement, to vest in Developer, to the fullest extent possible under the law, all possible development entitlements in order to complete the Development. 3