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(3) This Agreement will permit achievement of goals and objectives as reflected in the City's General Plan, all applicable Specific Plans and Specific Development District No. 59. (4) Owner is required by existing City regulations to provide mitigation for certain impacts and pay certain regulatory fees as conditions of approvals through the regulatory process:, as further provided in this Agreement. (5) This Agreement will allow the City to realize extraordinary and significant public infrastructure facilities and other supplemental benefits in addition to those available through the existing regulatory process. (6) Many of the extraordinary and significant benefits identified as consideration to the City for entering into this Agreement are of regional significance, relate to existing deficiencies in public facilities, require Owner to contribute a greater percentage of benefits than would otherwise be required, and represent benefits which would not otherwise be required as part of the development process. 1.2 Owner. Owner represents and warrants that it has a legal or equitable interest in the real property located in the City of Santa Ana, California, legally described on Exhibit A attached hereto and incorporated herein, and graphically described on Exhibit B attached hereto and incorporated herein (hereinafter the "Property"). The Property is approximately 17.72 acres in size (and approximately 18.76 acres before dedications) and is vacant: 1.3 Approval of Owner. Owner further hereby represents that it has approved this Agreement and is authorized to enter into this Agreement. 1.4 Planning Commission - Council Hearings. On October 25, 2004, the Planning Commission of the City ("Planning Commission"), after giving notice pursuant to Government Code Sections 65090 and 65091, held a public hearing to consider the Owner's application for this Agreement. This public hearing was duly held, all public testimony was attended to, and consideration of this matter continued by the Planning Commission to its regular meeting of December 13,2004, on which date the Planning Commission recommended to the City Council of the City that it execute this Agreement. On February 7, 2005, the City Council of the City of Santa Ana ("Council"), after providing notice as required by law, held a public hearing to consider the Owner's application for this Agreement. Following this public hearing, the matter was continued the Council's next regular meeting, on February 22,2005, in order to make certain changes to this Agreement, SD-59 and Vesting Tentative Map No. 14408, to all of which the Owner voluntarily agreed. 1.5 Council Findings. The Council finds that this Agreement is consistent with the General Plan, applicable Specific Plan(s) as well as all other applicable ordinances, plans, policies and regulations of the City. 2 Ordinance NS-2677 Page 6 of 38