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DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA, THE GRAND PLAN 1, LLC AND THE GRAND PLAN 2, LLC This DEVELOPMENT AGREEMENT ("Agreement") is entered into between THE CITY OF SANTA ANA, a charter city and municipal corporation duly authorized under the Constitution and laws of the State of California (referred to herein as "City"), THE GRAND PLAN l, LLC, a California limited liability company ("GP1") and THE GRAND PLAN 2, LLC, a California limited liability company ("GP2"). GP1 and GP2 are collectively referred to herein, along with their permitted successors and assigns, as "Owner". 1. RECITALS. The Agreement is entered into with reference to the following facts: 1.1 Purpose. (1) The purpose of this Agreement is to facilitate the development of approximately 9.79 acres of real property, located at the southeast corner of MacArthur Boulevard and Main Street (the "Property") as a mixed use project with for-sale residential condominiums and office/commerciaVretail uses more particularly described in the definition of "Project" in Section 2.43. (2) The Property is described in Exhibit A and consists of an approximately 2.04 acre parcel currently owned by GPl ("GP1 Parcel"), and an approximately 6.68 acre parcel currently owned by GP2 ("GP2 Parcel") and an approximately .78 acre parcel which is the subject of a contract to purchase by Owner (the "Fried Parcel"). The GPI Parcel and GP2 Parcel are referred to in Exhibit A as the "Owner Parcel." 1.2 Code Authorization. To strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic risk of development, the Legislature of the State of California adopted the Development Agreement Act which authorizes any city to enter into binding development agreements establishing certain development rights in real property with persons having legal or equitable interests in such property. To ensure that the City remains responsive and accountable to its residents while pursuing the benefits of development agreements contemplated by the Legislature, the City: (i) accepts restraints on its police powers contained in this Agreement consistent with existing law, only to the extent and for the duration required to achieve the mutual objectives of the Parties; and (ii) to offset such restraints, seeks extraordinary and significant public infra structure facilities and other supplemental benefits, as set forth in Section 5.1, in addition to those available through the existing regulatory process. 1.3 Owner. Owner represents and warrants that it owns the Owner Parcel and is under contract to purchase the Fried Parcel. The Property is currently a mix of vacant and occupied uses. 1.4 Planning Commission - Council Hearings. On May 23, 2005, 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. The Planning Commission recommended to the City Council of City that it execute this DOCSOC/1110339vl1/24579-0001