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J. Development of the Property in accordance with this Agreement will provide substantial benefits to City, as set forth in Section 4 below, and as stated Sections 1.4 and 2.1 of the Specific Plan. will further important policies and goals of City. K. This Agreement will eliminate uncertainty in planning and provide for the orderly development of the Property,provide for public services appropriate to the development of the Project,and generally serve the purposes for which development agreements under Section 65864, et seq. of the Government Code are intended. L. On August 29,2023,the City Council held a public hearing and authorized the City's Planning Division to draft findings and issue a determination overruling the County of Orange Airport Land Use Commission's Determination of Inconsistency associated with the Project and to provide notice of same in accordance with Section 21676(b)of the Public Utilities Code to the County of Orange Airport Land Use Commission and the State of California Department of Transportation's Division of Aeronautics. M. On August 12, 2024 City's Planning Commission held a public hearing on this Agreement, made findings and determinations with respect to this Agreement,and recommended to the City Council that the City Council approve this Agreement. N. On September 17, 2024,the City Council held a public hearing introducing this Agreement and considered the Planning Commission's recommendations and the testimony and information submitted by City staff,RCR,and members of the public.On October 1, 2024 consistent with applicable provisions of State law and the rules and regulations of the City,the City Council adopted Ordinance No.NS-3071 finding this Agreement consistent with the City's General Plan and approving and adopting this Agreement. COVENANTS NOW,THEREFORE,in consideration of the above recitals and of the mutual covenants hereinafter contained and for other good and valuable consideration,the receipt and adequacy of which is hereby acknowledged,City and Owner hereby agree as follows: 1. DEFINITIONS AND EXHIBITS. 1.1. Definitions. The following terms when used in this Agreement(including in the recitals above) shall be defined as follows: 1.1.1. "Assigned Rights"has the meaning set forth in Section 2.5.1 hereof. 1.1.2. "Assignment and Assumption Agreement"has the meaning set forth in Section 2.5.1 hereof. 1.1.3. "Assumed Obligations"has the meaning set forth in Section 2.5.1 hereof. 1.1.4. "Agreement"means this Development Agreement. 1.1.5. "City"means the City of Santa Ana, a charter city and California municipal corporation. -2-