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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 an equitable ownership 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"), in that it has contracted to purchase the Property from the City. The Property is approximately 1.1 acres in size and is currently improved as a parking lot. 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 September 12,2005, 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. This public hearing was duly held, all public testimony was attended to, and the Planning Commission recommended to the City Council of the City that it execute this Agreement. On , 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. 1.5 Council Findings. The Council finds that this Agreement is consistent with the General Plan, applicable Specific Planes) as well as all other applicable ordinances, plans, policies and regulations of the City. 1.6 City Ordinance. On , 2005, the Council adopted Ordinance No. NS-_ approving this Agreement. The ordinance becomes effective thirty (30) days thereafter. 2. DEFINITIONS. In the Agreement, initially capitalized terms used but not defined shall have the following meanings unless the context otherwise requires: 2.0.5 "Executive Director" means the Executive Director of the City's Planning and Building Agency or designee. 2.1 "Final Design" means the final design documents for a work of public art, which is set forth in greater detail in paragraph 5.8 of this Agreement. 2.2 "Map" means Tentative Tract Map No.2005-08, approved concurrently with this Agreement. 2.2 "Property Owner" or "Owner" means Steadfast Courtyards, L.P., being the person, persons, or entity having a legal or equitable interest in the Property, and includes Steadfast Courtyards, L.P. successors in interest. 2 75A-37