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5. Development Agreement. Following review and recommendation by the City Planning Commission and after a duly noticed public hearing, and adoption of the Project Approvals, the City Council, by Ordinance , determined that this Agreement was consistent with the City's General Plan and PUD -99, and approved this Agreement. The approvals described in this Recital D are collectively referred to herein as the "Project Approvals." This Agreement only concerns the Project Approvals on the Project Site. E. In exchange for the benefits to the City, including the elimination of potential controversy created by the construction of a 135 foot tall golf ball net and the construction of water and sanitary sewer main extensions across the ACF property per the City's capital improvement program (CIP), and benefits to the Developer, including but not limited to assurance that the development rights for the 3 -lot Phase Two of the Project Site can proceed, together with the other public benefits that will result from the development of the Project, Developer will receive by this Agreement assurance that it may proceed with the Project in accordance with the "Applicable Law" (defined below), and therefore desires to enter into this Agreement. NOW, THEREFORE, with reference to the foregoing recitals and in consideration of the mutual promises, obligations and covenants herein contained, City, Ponderosa and Developer agree as follows: AGREEMENT Article I Description of Property, Effective Date and Term. Section 1.01. Description of Property. The real property which is the subject of this Agreement is described in the attached DA Exhibit A -1 and A -2. Section 1.02. Effective Date. This Agreement shall become effective upon the date the ordinance approving this Agreement becomes effective (the "Effective Date "). Section 1.03. Term. The term of this Agreement shall commence on the Effective Date and extend twenty (20) years thereafter (the "Term "). Article H Standards, Laws and Procedures Governing the Project. Section 2.01. Vested Right To Develop. Developer shall have a vested right to develop the Project in substantial conformance with the terms and conditions of the Project Approvals, the Subsequent Approvals (defined below) (as and when issued), the Applicable Law (defined below) and amendments as shall, from time to time, be approved pursuant to this Agreement. Specifically, Developer shall have the vested right to develop a three lot residential subdivision, Tract 8317 and related site improvements, in accordance with the Project Approvals (the "Project "). Section 2.02. Permitted Uses. The permitted uses of Project Site; the density and intensity of use of the Project Site; the maximum height, bulk and size of the proposed buildings; provisions for reservation or dedication of land for public purposes and the location of public 91ro it