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505 <br /> <br />this proposed Development Agr.:ament, has conducted public hearings <br />thereon pursuant to Governm~.nt Code Section 65867, and City's <br />Resolution No. 82-98. <br /> <br /> E. Development of the Property is proposed to be in two <br />phases. Certain development risks and uncertainties associated <br />with the long term nature of the Development, including the cost of <br />the portiO~of these public improvements, could discourage and <br />deter Developer from making the long term commitments necessary to <br />fully develop the Property; therefore, the parties desire to enter <br />into this Development Agreement in order to reduce or eliminate <br />uncertainties to such development over which the City has control, <br />and to, where appropriate, vest the Developer with the right to <br />complete the Development in accordance with those ordinances, rules <br />and regulations in effect at this time of approval of this <br />Agreement. <br /> <br /> F. The mutual undertakings, assurances, and covenants <br />provided for in this Development Agreement provide public benefits <br />to the City and its residents, including the promotion of compre- <br />hensive planning, private and public cooperation and participation <br />in the provision of public benefits,, and the effective and <br />efficient development of public facilities and infrastructure <br />supporting the Development which was contemplated and promoted by <br />Government Code Sections 65864 et seq. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants <br />and agreements contained herein, and other good and valuable <br />consideration, the receipt of which is hereby acknowledged, the <br />parties do hereby agree as follows: <br /> <br />1. Binding Bffeot of Development Agreement. <br /> This Development Agreement pertains to the Property as <br />described in Exhibit "A". Before this Agreement shall become <br />effective, Developer shall acquire either fee title, or the consent <br />of the owner of fee title, of all of the Property. <br /> <br /> The burdens of the Development Agreement are binding <br />upon, and the benefits of the Development Agreement inure to all <br />successors in interest of the parties to the Development Agreement, <br />and constitute covenants which run with the Property, and in order <br />to provide continued notice thereof, this Development Agreement <br />will be recorded by the parties. <br /> <br /> The assurances provided to Developer in this Development <br />Agreement are provided pursuant to and as contemplated by Govern- <br />ment Code Sections 65864 et seq., and in consideration for the <br />undertakings of Developer as set forth in this Development <br />Agreement. The parties agree that the consideration to be received <br />by the City pursuant to this Development Agreement and the rights <br />secured to Developer hereunder constitute sufficient consideration <br /> <br />2 <br /> <br /> <br />