ORIENT CORPORATION OF AMERICA, INC. (2)

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this Development Agreement and its purposes are consistent with the objectives, policies, general land uses and programs specified in the city's General Plan, the Plan, and Existing Development Regulations. In connection with its approval of the Development, a Final Environmental Impact Report (11EIR11) was prepared and certified by the City Council on April 19 , 1993. Vesting Tentative Map No. 14408 (authorized pursuant to Government Code Section 66498.1.et seq.), designed for multiple phased final maps (authorized pursuant to Government Code Section 66456.1) was approved by the City on April 19 1993 (the "Map"). The Plan, the Map, and all other discretionary land use approvals granted by the City prior to the Effective Date (as hereinafter defined) of this Development Agreement are collectively referred to herein as the "Approvals." D. Development of the Property, which is a largely vacant area almost totally lacking in required infrastructure improvements, requires the construction of substantial public improvements in various phases, many of which improvements will benefit both the Development and surrounding areas. Certain development risks and uncertainties associated with the long term nature of the Development, including the cost of the portion of these public improvements, could discourage and deter Developer from making the long term commitments necessary to fully develop the Property; therefore, the parties desire to enter .into this Development Agreement in order to reduce or eliminate uncertainties to such development over which the City has control. E. This Development Agreement will assist in achieving the City's goal of ensuring development of a vital and visually exciting project of the highest quality architecture. As permitted by law, the City and the Developer desire to use this Development Agreement to establish high quality design and development standards for the entire build -out period of the Development, including all phases thereof, the permitted uses for the Develop- ment, and to identify the scope of public infrastructure improve- ments to be required for and as a result of, the Development. F. The City recognizes that Developer may sustain substantial losses if the City were to default in its obligations herein undertaken, including the substantial investment made by Developer to plan the Development. G. The City, by electing to enter into contractual agreements such as this one, acknowledges that the obligations of City shall survive beyond the term or terms of the present City Council members, that such action will serve to bind the City and future City Councils to the obligations thereby undertaken, and this Development Agreement might limit the future exercise of certain governmental and proprietary powers of the City. By approving this Development Agreement, the City Council has elected 2