ORIENT CORPORATION OF AMERICA, INC. (2)

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DEVELOPMENT AGREEMENT,' BY AND BETWEEN THE CITY OF SANTA ANA AND ORIENT CORPORATION OF AMERiCA, INC. THIS DEVELOPMENT AGREEMENT ("Development Agreement") is made and entered into this 3rd day of _ May , 1993, by and between the CITY OF SANTA ANA, a municipal corporation organized and existing under the laws of the State of California ("City"), and ORIENT CORPORATION OF AMERICA, INCA a California corporation ("Developer"). 4 0kwela, R E C 1 T A L S A. California Government Code Sections 65864 et seq. provide that the legislative body of a city may enter into a development agreement for the development of real property in order to, among other things: (i) vest certain rights in the developer; (ii) provide certainty in the approval of development projects in order to avoid the waste of resources; (iii) encourage investment in and commitment to comprehensive planning which will make maximum efficient utilization of resources at the least economic cost to the public; (iv) strengthen the public planning process and encourage private participation in comprehensive planning; and (v) reduce the economic costs of development by providing assurances to the developer that the developer may proceed with its projects in accordance with existing policies, rules, and regulations. B. Pursuant to California Government Code Section 65865, the City has adopted its Resolution No. 82-92, establishing procedures and requirements for the approval of development agreements. Developer has applied to City pursuant to California Government Code Sections 65864-65869.5, and pursuant to said Resolution for approval of the Development Agreement set forth herein. C. The City desires to enter into this Development Agreement with the Developer in order to facilitate the development of certain property (the "Property") known as "Main Street Concourse" (the "Development"), more fully described in Exhibit "A" and shown on the map set forth on Exhibit "B", both attached hereto. Such development shall be in accordance with (i) the Specific Development Plan No. 59 , adopted by the same ordinance by which this Development Agreement was approved by the City and on file with the City Clerk and incorporated herein by reference (the "Plan"), and (ii) Existing Development Regulations (as defined below). The City has given notice of its intention to adopt this proposed Development Agreement, has conducted public hearings thereon pursuant to Government Code Section 65867 and City's Resolution No. 82-98 and has found that the provisions of 1