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D~v~LOPM~'NT AGREEMENT <br /> BY AND B~Tw~EN <br /> THE CITY OF SANTA ANA AND <br />ORIENT CORPORATION OF AM~w,ICA, <br /> <br />INC. <br /> <br /> THIS DEVELOPMENT AGREEMENT ("Development Agreement") is <br />made and entered into this 3rd day of May , 1993, by <br />and between the CITY OF SANTA ANA, a municipal corporation <br />organized and existing under the laws of the State of California <br />("city"), and ORIENT CORPORATION OF AMERICA, INC~ a California <br />corporation ("Developer"). c~0~/~/~ <br /> <br />RECITALS <br /> <br /> A. California Government Code Sections 65864 et seq. <br />provide that the legislative body of a city may enter into a <br />development agreement for the development of real property in order <br />to, among other things: (i) vest certain rights in the developer; <br />(ii) provide certainty in the approval of development projects in <br />order to avoid the waste of resources; (iii) encourage investment <br />in and commitment to comprehensive planning which will make maximum <br />efficient utilization of resources at the least economic cost to <br />the public; (iv) strengthen the public planning process and <br />encourage private participation in comprehensive planning; and (v) <br />reduce the economic costs of development by providing assurances to <br />the developer that the developer may proceed with its projects in <br />accordance with existing policies, rules, and regulations. <br /> <br /> B. Pursuant to California Government Code Section <br />65865, the city has adopted its Resolution No. 82-92, establishing <br />procedures and requirements for the approval of development <br />agreements. Developer has applied to city pursuant to California <br />Government Code Sections 65864-65869.5, and pursuant to said <br />Resolution for approval of the Development Agreement set forth <br />herein. <br /> <br /> C. The City desires to enter into this Development <br />Agreement with the Developer in order to facilitate the development <br />of certain property (the "Property") known as "Main Street <br />Concourse" (the "Development"), more fully described in Exhibit "A" <br />and shown on the map set forth on Exhibit "B", both attached <br />hereto. Such development shall be in accordance with (i) the <br />Specific Development Plan No. 59 , adopted by the same <br />ordinance by which this Development Agreement was approved by the <br />City and on file with the City Clerk and incorporated herein by <br />reference (the "Plan"), and (ii) Existing Development Regulations <br />(as defined below). The City has given notice of its intention to <br />adopt this proposed Development Agreement, has conducted public <br />hearings thereon pursuant to Government Code Section 65867, and <br />city's Resolution No. 82-98 and has found that the provisions of <br /> <br /> <br />