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Resolution No. 2019-xx Page 4 of 10 the Project’s height, increased the Project’s setbacks, and modified the Project entrance (“Modified Project”); and WHEREAS, on October 18, 2019, the City gave public notice of a Planning Commission public hearing, for consideration of Development Agreement No. 2018-01 by advertising in the Orange County Register, a newspaper of general circulation, and on October 17, 2019 by mailing to owners of property and residents within 500 feet of the Project and posting on the project site; and WHEREAS, on October 28, 2019, the Planning Commission held a public hearing for consideration of Development Agreement No. 2018-01, at which time all persons wishing to testify were heard and the Project was fully considered; and WHEREAS, entering into this Development Agreement would provide the City with extraordinary and significant benefits that are of regional significance, related to existing deficiencies in public facilities, require the owner of 2525 North Main Street to contribute a greater percentage of benefits than would otherwise be required, and to contribute benefits which would not otherwise be required as part of the development process; and WHEREAS, the Project and the use that the Developer proposes in connection with the Property have been extensively reviewed and considered by the City, and such proposed development and use have been found to accommodate the City’s recommendations and suggestions in order to protect the public’s interest to enhance the desirability of such proposed development and use. The terms and conditions of this Development Agreement have been found to be fair, just and reasonable, and the City has concluded that the pursuit of the Project will serve the interests of the City; and WHEREAS, the City and Developer have reached mutual agreement and desire to voluntarily enter into the Development Agreement to facilitate development of the Project subject to the conditions and requirements set forth therein; and WHEREAS, the Planning Commission has determined that by entering into the Development Agreement: (i) the City will promote orderly growth and quality development on the Property in accordance with the goals and policies set forth in the General Plan; and, (ii) significant benefits will be created for City residents and the public generally from increased employment, housing, parks and/or park improvements; and WHEREAS, the terms and conditions of the Development Agreement have undergone review by the Planning Commission at a publicly noticed hearing and have been found to be fair, just, and reasonable, and consistent with the General Plan; and 2-556