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2.3.2. This Agreement ensures a desirable and functional community environment, provides effective and efficient development of public facilities, infrastructure, and services appropriate for the development of the Project, and enhances effective utilization of resources within the City. 2.3.3. This Agreement provides public benefits beyond those that are necessary to mitigate the development of the Project, as set forth in Section 4 below. 2.3.4. This Agreement strengthens the public planning process, encourages private participation in comprehensive planning, and reduces costs of development and government. 2.3.5. The best interests of the citizens of the City and the public health, safety, and welfare will be served by entering into this Agreement. 2.4. Term. 2.4.1. The initial term of this Agreement shall commence on the Effective Date and shall continue for a period of twenty (20) years thereafter (the "Initial Term"), unless modified or extended pursuant to the provisions of this Agreement. Together, the Initial Term and any extension under this Agreement shall constitute the "Term." The Term, including all possible extensions, shall not exceed twenty -five -years unless this Agreement is amended to allow further extensions. Owner shall execute this Agreement which shall be recorded against the Property no later than ten (10) days following Owner's receipt of the fully -executed, recordable Agreement from the City. (a) It is anticipated that Parties will sign the Development Agreement upon approval of the Agreement by the City Council. Owner shall cause this Agreement to be timely recorded against the Property no later than ten (10) days following Owner's receipt of the fully - executed, recordable Agreement from the City. (b) Failure of Owner to record this Agreement against the Property within ten (10) days following the receipt of the fully -executed, recordable Agreement from the City shall constitute an event of default by Owner under this Agreement. 2.4.2. The Initial Term of this Agreement shall be automatically extended by up to five (5) years if Owner achieves the following milestones: construction has commenced on: (i) no less than 50,000 square feet of commercial/retail floor area; and (ii) 360 residential dwelling units. 2.4.3. If Owner fails to satisfy the prerequisites to securing the automatic extension, the City Council may nonetheless elect, in its sole discretion, to grant one or more extensions if Owner provides the City with a plan that includes a Development timeline and specific Development milestones. 2.4.4. When the Term ends, Owner shall have no vested right under this Agreement, regardless of whether or not Owner has paid City any Development impact Fee. 2A.5. If any party other than Owner initiates litigation that challenges the Project, this Agreement (and/or the ordinance approving this Agreement), or any of the Existing Project Approvals, the Owner will have the right to toll commencement of the Term, except for the duty