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(1) This Agreement is intended to assure adequate public facilities at <br />the time of development. <br />with City's General Plan) applicable ar intended <br />ble Spec fc Plansand Specific uDevelopment District No. 43. <br />(3) This <br />reflected in the City's General Plan, Agreement l <br />ll appl cableSpecific Plans and Specific lDevelopment <br />es as <br />District No. 43. <br />Owner <br />mitigation for certain impacts and pay certain regulatoryf existing s City as conditions regulations of approvals through <br />the regulatory process. <br />Agreement significant public infrastructure facilities and other supplemental ntal benefits in addition to hose <br />available through the existing regulatory process. <br />(6) Many of the extraordinary and significant benefits identified as <br />consideration to City for entering into this Agreement are of regional significance, relate to <br />existing deficiencies in public facilities, require Owner to contribute a greater percentage of <br />benefits than would otherwise be required, and represent benefits which would not otherwise be <br />required as part of the development process. <br />1.3 Owner. Owner represents and warrants that it has a legal or equitable <br />interest in the real property located in City of Santa Ana, California, legally described on Exhibit <br />A attached hereto and incorporated herein, and graphically described on Exhibit B attached <br />hereto and incorporated herein. The Property is currently vacant: <br />1.4 Interest of Owner. Owner hereby represents that it has an equitable and <br />legal interest in the Property. Owner further hereby represents that it has approved this <br />Agreement and is authorized to enter into this. Agreement. <br />1.5 Planning Commission - Council Hearings. On November 22, 2004, the <br />Planning Commission of the City ( "Planning Commission "), after giving notice pursuant to <br />Government Code Sections 65090 and 65091, held a public hearing to consider the Owner's <br />application for this Agreement. The Planning Commission recommended to the City Council of <br />City that it execute this Agreement. On April 4, 2005, the City Council of the City of Santa Ana <br />( "Council "), after providing notice as required by law, held a public hearing to consider the <br />Owner's application for this Agreement. <br />1.6 Council Findings. The Council finds that this Agreement is consistent <br />2 <br />