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DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY OF SANTA ANA, <br />THE GRAND PLAN 1, LLC AND THE GRAND PLAN 2, LLC <br />This DEVELOPMENT AGREEMENT ("Agreement") is entered into between THE CITY <br />OF SANTA ANA, a charter city and municipal corporation duly authorized under the Constitution <br />and laws of the State of California (referred to herein as "City"), THE GRAND PLAN 1, LLC, a <br />California limited liability company ("GP1") and THE GRAND PLAN 2, LLC, a California limited <br />liability company ("GP2"). GPl and GP2 are collectively referred to herein, along with their <br />permitted successors and assigns, as "Owner". <br />RECITALS. The Agreement is entered into with reference to the following facts: <br />1.1 Purpose. <br />(1) The purpose of this Agreement is to facilitate the development of <br />approximately 9.79 acres of real property, located at the southeast corner of MacArthur Boulevard <br />and Main Street (the "Property"} as a mixed use project with for-sale residential condominiums and <br />office/commerciaUretail uses more particularly described in the definition of "Project" in <br />Section 2.43. <br />(2) The Property is described in Exhibit A and consists of an <br />approximately 2.04 acre parcel currently owned by GPl ("GPl Parcel"), and an approximately 6.68 <br />acre parcel currently owned by GP2 ("GP2 Parcel") and an approximately .78 acre parcel which is <br />the subject of a contract to purchase by Owner (the "Fried Parcel"). The GPI Parcel and GP2 Parcel <br />are referred to in Exhibit A as the "Owner Parcel." <br />1.2 Code Authorization. To strengthen the public planning process, encourage <br />private participation in comprehensive planning and reduce the economic risk of development, the <br />Legislature of the State of California adopted the Development Agreement Act which authorizes any <br />city to enter into binding development agreements establishing certain development rights in real <br />property with persons having legal or equitable interests in such property. <br />To ensure that the City remains responsive and accountable to its residents while <br />pursuing the benefits of development agreements contemplated by the Legislature, the City: <br />(i) accepts restraints on its police powers contained in this Agreement consistent with existing law, <br />only to the extent and for the duration required to achieve the mutual objectives of the Parties; and <br />(ii) to offset such restraints, seeks extraordinary and significant public infra structure facilities and <br />other supplemental benefits, as set forth in Section 5.1, in addition to those available through the <br />existing regulatory process. <br />1.3 Owner. Owner represents and warrants that it owns the Owner Parcel and is <br />under contract to purchase the Fried Parcel. The Property is currently a mix of vacant and occupied <br />uses. <br />1.4 Planning Commission -Council Hearings. On May 23, 2005, the Planning <br />Commission of the City ("Planning Commission"), after giving notice pursuant to Government Code <br />Sections 65090 and 65091, held a public hearing to consider the Owner's application for this <br />Agreement. The Planning Commission recommended to the City Council of City that it execute this <br />DOCSOC/1110339x1 ]/24579-0001 <br />75A-14 <br />