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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 />I. 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 wazrant. 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 pazcels 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 azea. <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 />Revision #1, Draft Chrisman Development Agreement Page 4 of 13 <br />