BENTALL/WESTIMSTER 1-1989 - Laserfiche WebLink

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C. The City desires to enter into this Development Agreement with Developer in order to facilitate the development of certain property (the "Property ") known as "Bentall Executive Center" (the "Development "), more fully described in Exhibit A and shown on the map set forth on Exhibit B, both attached hereto. Such development shall be in accordance with the (i) Plan of Development for the Property as set forth in Exhibit C attached hereto and incorporated herein by this reference (the "Plan ") and (ii) Existing Development Regulations (as defined below). The City has given notice of its intention to adopt this proposed Development Agreement, has conducted public hearings thereon pursuant to Government Code Section 65867, and the City's Resolution No. 82 -98 and has found that the provisions of this Development Agreement and its purposes are consistent with the objectives, policies, general land uses and programs specified in the City's General Plan, the Plan, and the Existing Development Regulations. In connection with its approval of the Development, a Final Environmental Impact Report ("EIR") was prepared and certified by the City Council on Dec. 4 , 1989 D. Development of the Property requires the construction of substantial public improvements in various phases, many of which improvements will benefit both the Development and surrounding areas. Certain development risks and uncertainties associated with the long term nature of the Development, including the cost of the portion of these public improvements, could discourage and deter Developer from making the long term commitments necessary to fully develop the Property; therefore, the parties desire to enter into this Development Agreement in order to reduce or eliminate uncertainties to such development over which the City has control. E. As permitted by law, the City and Developer desire to establish design and development standards for the entire build -out period of the Development, including all phases thereof, the permitted uses for the Development, and to identify the scope of public infrastructure improvements to be required for and as a result of the Development. F. The City recognizes that Developer may sustain substantial losses if the City were to default in its obligations herein undertaken, including the substantial investment made by Developer to plan the Development. G. The City, by electing to enter into contractual agreements such as this one, acknowledges that the obligations of the City shall survive beyond the term or terms of the present City Council members, that such action will serve to bind the City and future councils to the obligations thereby undertaken, and this Development OC22 \YP50 \rkb \bent2.a9t 2 11/20/89