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<br />DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY OF SANTA ANA AND <br />STEADFAST COURTYARDS, L.P. <br /> <br />This DEVELOPMENT AGREEMENT is entered into between THE CITY OF <br />SANTA ANA, a charter city and municipal corporation duly authorized under the Constitution <br />and laws of the State of California ("City") and STEADFAST COURTYARDS, L.P., a <br />California Limited Partnership ("Owner" or "Property Owner"). <br /> <br />1. RECITALS. This Agreement is entered into with reference to the following <br /> <br />facts: <br /> <br />1.1 Purpose. The Purpose of this Agreement is to facilitate the development <br />ofthe mixed-use project contemplated by the City's Specific Development Zoning Designation <br />SD-79 (SD-79), Tentative Tract Map No. 2005-08 and Mitigated Negative Declaration ER No. <br />2005-18. <br />1.2 Code Authorization. The City is authorized pursuant to Government <br />Code Sections 65864 through 65869.5 to enter into development agreements with persons having <br />legal or equitable interests in real property for the purpose of establishing certainty for both the <br />City and Owner in the development process. The City enters into the Agreement pursuant to the <br />provisions ofthe Government Code and applicable City policies. The parties acknowledge: <br /> <br />(1) <br />the time of development. <br /> <br />This Agreement is intended to assure adequate public facilities at <br /> <br />(2) This Agreement is intended to assure development in accordance <br />with the City's General Plan, applicable Specific Plans and Specific Development District <br />No. 79, as created concurrently herewith by Ordinance No. NS-_. <br /> <br />(3) This Agreement will permit achievement of goals and objectives as <br />reflected in the City's General Plan, all applicable Specific Plans and Specific Development <br />District No. 79. <br /> <br />(4) Owner is required by existing City regulations to provide <br />mitigation for certain impacts and pay certain regulatory fees as conditions of approvals through <br />the regulatory process:-, as further provided in this Agreement. <br /> <br />(5) This Agreement will allow the City to realize extraordinary and <br />significant public infrastructure facilities and other supplemental benefits in addition to those <br />available through the existing regulatory process. <br /> <br />(6) Many of the extraordinary and significant benefits identified as <br />consideration to the City for entering into this Agreement are of regional significance, relate to <br />existing deficiencies in public facilities, require Owner to contribute a greater percentage of <br />benefits than would othelWise be required, and represent benefits which would not othelWise be <br />required as part of the development process. <br /> <br />1 <br />11 A-18 <br />