ORD 1794 - Laserfiche WebLink

has elected to exercise certain governmental powers at the time of entering into this Development Agreement, rather than deferring its actions to some undetermined future date. The terms and conditions of this Development Agreement have been found to be fair, just, and reasonable, and the City has concluded that the pursuit of the Development will serve the best interests of its citizens and the public health, safety, and welfare will best be served by entering into this obligation. The City acknowledges that Developer would not consider or engage in the Development without the assurances of development entitlement that this Development Agreement is designed to provide. L. This Development Agreement will promote and encourage the development of the Property by providing the Developer and its creditors with a greater degree of certainty of the Developer's ability to expeditiously and economically complete the development effort, and the parties agree that the consideration to be received by the City pursuant to this Development Agreement and the rights secured to the Developer hereunder constitutes sufficient consideration to support the covenants and agreements of the City and the Developer. By entering into this Development Agreement the City desires to allow the Development pursuant to the Development Agreement, the land use ordinances, rules, and regulations and policies applicable on the "Effective Date", as defined in Section 3 herein and, pursuant to this Development Agreement, to vest in Developer, to the fullest extent possible under the law, subject to the terms of this Development Agreement, all possible development entitlements in order to complete the Development. NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, the parties do hereby agree as follows: 1. Binding Effect of Development Agreement. The Development Agreement pertains to the Property as described in Exhibit "A" . The burdens of the Development Agreement are binding upon, and the benefits of the Development Agreement inure to, all successors-in-interest of the parties to the Development Agreement, and constitute covenants that run with the Property, and in order to provide continued notice thereof, this Development Agreement will be recorded by the parties. 2. Relationship of the Parties. It is hereby specifically understood and acknowledged that the Development is a private project and that neither the City nor Developer will be deemed to be the agent of the other for any purpose whatsoever. 3. Effective Date and Term. (a) The "Effective Date" of this Development Agreement shall be the date on which the City adopts its ordinance approving same provided, however, that this Development Agreement shall terminate and be of no further force or effect if the annexation proceeding (Annexation No. 144) scheduled for a vote in November 1999 fails to pass. (b) The term ("Term") of this Development Agreement is ten (10) years from the Effective Date, subject to earlier termination as herein provided. Unless otherwise specified, the