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(1) This Agreement is intended to assure adequate public facilities at the time of development. (2) This Agreement is intended to assure development in accordance with City's General Plan, applicable Specific Plans and Specific Development District No. 43. (3) This Agreement will permit achievement of goals and objectives as reflected in Government Code Sections 65864 through 65869.5, the City's General Plan, all applicable Specific Plans and Specific Development District No. 43. (4) Owner is required by existing City regulations to provide mitigation for certain impacts and pay certain regulatory fees as conditions of approvals through the regulatory process. (5) This Agreement will allow City to realize extraordinary and significant public infrastructure facilities and other supplemental benefits in addition to those available through the existing regulatory process. (6) Many of the extraordinary and significant benefits identified as consideration to City for entering into this Agreement are of regional significance, relate to existing deficiencies in public facilities, require Owner to contribute a greater percentage of benefits than would otherwise be required, and represent benefits which would not otherwise be required as part of the development process. 1.3 Owner. Owner represents and warrants that it has a legal or equitable interest in the real property located in City of Santa Ana, California, legally described on Exhibit A attached hereto and incorporated herein, and graphically described on Exhibit B attached hereto and incorporated herein. The Property is currently vacant. 1.4 Interest of Owner. Owner hereby represents that it has an equitable and legal interest in the Property.' Owner further hereby represents that it has approved this Agreement and is authorized to enter into this Agreement. 1.5 Planning Commission - Council IIearings. On November 22, 2004, the Planning Commission of the City ( "Planning Commission "), after giving notice pursuant to Goverment Code Sections 65090 and 65091, held a public hearing to consider Coastal Rim's application for the 2005 Agrecment. The Planning Commission recommended to the City Council of City that it execute the 2005 Agreement. On April 4, 2005, the City Council of the City of Santa Ana ("Council'), after providing notice as required by law, held a public hearing to consider Coastal Rim's application for the 2005 Agreement, which the Council approved by adopting Ordinance No. NS -2680 on April 18, 2005. The Owner has submitted a new and modified site plan review package to the City amending the previously approved plan. On January 23, 2012, the Planning Commission of the City, after duly giving notice pursuant to Government Code sections 65090 and 65091, held a public hearing to consider the Owner's application for this Agreement. At that time, the Planning Commission continued the matter to February 13, 2012. On Febwary 13, 2012, the Planning Commission split by a vote of 3:3 on a 2