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Phase I improvements, as described below, will exceed their respective ultimate <br />pro rata shares of the cost of such improvements, making them eligible for <br />reimbursement. Reimbursement depends on the ultimate development of the <br />parcels within the Corridor. including the Property. <br /> <br />Property Owner desires to enter into this Development Agreement to ol~tain <br />assurance that the Specific Plan and other existing project approvals will remain <br />in effect so the Project can proceed when economic conditions warrant. In <br />addition, Property Owner desires to enter into this Development Agreement to <br />assist in providing a coordinated and systematic approach to bringing the <br />infrastructure necessary for development of all parcels within the Vineyard <br />Corridor. the early construction of which benefits the Property by allowing it to <br />develop relatively independently of other properties in the Specific Plan area. <br /> <br />The terms and conditions of approval of this Development Agreement have <br />undergone review by the City at duly noticed public hearings. The City has <br />determined that the Development Agreement is consistent with the City's General <br />Plan and the Specific Plan. Further, it finds that the Development Agreement <br />provides benefits to the City in that it allows timely construction of the <br />elementary school, improves the safety of Vineyard Avenue. and furthers the <br />implementation of the Specific Plan with its planned housing, agricultural open <br />space, community park. and extensive trails. The City has conducted its review of <br /> <br />Revision #1, Draft Mardel, L.L.C. Development Agreement Page 4 of 13 <br /> <br /> <br />