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2.3.2. This Agreement ensures a desirable and functional community environment, <br /> provides effective and efficient development of public facilities,infrastructure, and services <br /> appropriate for the development of the Project, and enhances effective utilization of resources <br /> within the City. <br /> 2.3.3. This Agreement provides public benefits beyond those that are necessary to <br /> mitigate the development of the Project,as set forth in Section 4 below, <br /> 2.3.4. This Agreement strengthens the public planning process, encourages private <br /> participation in comprehensive planning,and reduces costs of development and government. <br /> 2.3.5. The best interests of the citizens of the City and the public health,safety, and <br /> welfare will be served by entering into this Agreement. <br /> 2.4. Term. <br /> 2.4.1. The initial term of this Agreement shall commence on the Effective Date and <br /> shall continue for a period of twenty(20)years thereafter(the"Initial Term"),unless modified <br /> or extended pursuant to the provisions of this Agreement.Together,the Initial Term and any <br /> extension under this Agreement shall constitute the"Term."The Term, including all possible <br /> extensions,shall not exceed twenty-five-years unless this Agreement is amended to allow further <br /> extensions. Owner shall execute this Agreement which shall be recorded against the Property no <br /> later than ten(10)days following Owner's receipt of the fully-executed, recordable Agreement <br /> from the City. <br /> (a) It is anticipated that Parties will sign the Development Agreement upon <br /> approval of the Agreement by the City Council. Owner shall cause this Agreement to be timely <br /> recorded against the Property no later than ten(10)days following Owner's receipt of the fully- <br /> executed, recordable Agreement from the City. <br /> (b) Failure of Owner to record this Agreement against the Property within <br /> ten(10)days following the receipt of the fully-executed,recordable Agreement from the City <br /> shall constitute an event of default by Owner under this Agreement. <br /> 2A.2. The Initial Term of this Agreement shall be automatically extended by up to five <br /> (5)years if Owner achieves the following milestones; construction has commenced on: (i)no <br /> less than 50,000 square feet of commercial/retail floor area; and(ii)360 residential dwelling <br /> units. <br /> 2.4.3. If Owner fails to satisfy the prerequisites to securing the automatic extension,the <br /> City Council may nonetheless elect,in its sole discretion,to grant one or more extensions if <br /> Owner provides the City with a plan that includes a Development timeline and specific <br /> Development milestones. <br /> 2.4.4. When the Term ends, Owner shall have no vested right under this Agreement, <br /> regardless of whether or not Owner has paid City any Development Impact Fee. <br /> 2.4.5. If any party other than Owner initiates litigation that challenges the Project,this <br /> Agreement(and/or the ordinance approving this Agreement), or any of the Existing Project <br /> Approvals,the Owner will have the right to toll commencement of the Term,except for the duty <br /> Ordinance No. NS-3087 <br /> Page 13 of 41 <br />