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the school to be built and operated. Funding by the City and District of the <br /> 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 /> Property Owner desires to enter into this Development Agreement to obtain <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 /> J. 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 /> Revision #1, Draft Chrisman Development Agreement Page 4 of 13 <br />