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<br />DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY OF SANTA ANA AND <br />1901 E.lst STREET PARTNERS, LLC, <br />A DELAWARE LIMITED LIABILITY COMPANY <br /> <br />This DEVELOPMENT AGREEMENT ("Agreement") is entered into between THE <br />CITY OF SANTA ANA, a charter city and municipal corporation duly authorized under the <br />Constitution and laws of the State of California ("City") and 1901 E. 1ST STREET PARTNERS, <br />LLC, a Delaware limited liability company ("Owner" or "Property Owner"). <br /> <br />1. RECITALS. The Agreement is entered into with reference to the following <br /> <br />facts: <br /> <br />1.1 Pu rpose. <br /> <br />(I) The purpose of this Agreement is to facilitate the development of <br />the real property located at 1901 East First Street in the City of Santa Ana, a 5.19 acre parcel of <br />land that is located at the northeast corner of First Street and Cabrillo Park Drive, more <br />particularly described in section 2.5 of this Agreement. <br /> <br />(2) The Owner proposes to develop on the Property (defined in section <br />2.5 of this Agreement) a mixed-use project consisting of two high-rise buildings, a 22-story <br />tower on the north portion of the site and a 23-story tower on the south portion of the site, with <br />extensive landscaping between. These two towers will contain a total of 374 condominium units. <br />The North Tower will contain a maximum of 183 for-sale units, and the South Tower will <br />contain a maximum of 19 I for-sale units. In addition, a total of 8,800 square feet of commercial <br />space will be provided for the project, with 4,400 square feet to be provided within each tower. <br />The project will utilize the existing four-level, 669 space parking structure as well as an <br />additional 105 surface parking stalls on the site. These parking areas combined will provide 774 <br />parking stalls. <br /> <br />1.2 Code Authorizatiou. City is authorized pursuant to Government Code <br />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 City <br />and Owner in the development process. City enters into the Agreement pursuant to the <br />provisions of the Government Code and applicable City policies. The parties acknowledge: <br /> <br />(I) <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 City's General Plan, applicable Specific Plans and the Metro East Mixed-Use Overlay <br />Zone. <br /> <br />Ordinance No. NS-2741 <br />Page 5 of 28 <br /> <br />- 1- <br />