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'153.& <br /> <br />to exercise certain governmental powers at the time of entering <br />into this Development Agreement rather than deferring its actions <br />to some undetermined future date. The terms and conditions of this <br />.Development Agreement have undergone extensive review by the <br />neighboring community, the City Planning staff, the Planning <br />Commission and the City Council and have been found to be fair, <br />just and reasonable, and the City has concluded that the pursuit of <br />the Development will serve the best interests of its citizens and <br />the public health, safety and welfare will be best served by <br />entering into this obligation. City acknowledges that Developer <br />would not consider or engage in the Development without the <br />assurances of development entitlement which this Development <br />Agreement is designed to provide. <br /> <br /> H. The mutual undertakings, assurances, and covenants <br />provided for in this Development Agreement provide public benefits <br />to the city and its residents, including the promotion of compre- <br />hensive planning, private and public cooperation and participation <br />in the provision of public benefits, the increase in the City'tax <br />revenues from the Development, and the effective and efficient <br />development of public facilities and infrastructure supporting the <br />Development which was contemplated and promoted by Government Code <br />Sections 65864 et seq. <br /> <br /> I. This Development Agreement will promote and <br />encourage the development of the Property by providing the <br />Developer and its creditors with a greater degree of certainty of <br />the Developer's ability to expeditiously and economically complete <br />the development effort, and the parties agree that the consider- <br />ation to be received by the City pursuant to this Development <br />Agreement and the rights secured to the Developer hereunder <br />constitute sufficient consideration to support the covenants and <br />agreements of the City and the Developer. By entering into this <br />Development Agreement, city desires to vest in Developer, to the <br />fullest extent possible under the law, the development entitlements <br />specified herein in order to promote the completion of the <br />Development. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants <br />and agreements contained herein, and other good and valuable <br />consideration, the receipt of which is hereby acknowledged, the <br />parties do hereby agree as follows: <br /> <br />1. Binding Effect of Development Agreement. <br /> <br /> This Development Agreement pertains to the Property as <br />described in Exhibit "A", provided, however, that with regard to <br />any portion of the Property as to which the Developer does not have <br />a legal or equitable interest on the date of this Development <br />Agreement, this Development Agreement shall apply to such portion <br />only if and when the Developer acquires such an interest in such <br /> <br /> <br />