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DEVELOPMENT AGREEMENT <br />THIS DEVELOPMENT AGREEMENT ( " Development A_�reement or " Agreement ") is <br />made a enter into as of _ 5 201 _ Agreement Date h and between the CITY OF <br />SAN LEANDRO, a California Charter City organized and existing under the laws of the State of <br />California ( " City "), and Wm. Mathews, Inc., a California corporation ( " Developer '). City and <br />Developer are referred to individually as " Party ," and collectively as the " Parties ." <br />RECYTALS <br />This Agreement is entered upon the basis of the following facts, understandings and <br />intentions of City and Developer. <br />A. The lack of certainty in the approval of development projects can result in a waste <br />of resources, escalate the cost of housing and other development, and discourage investment in <br />and commitment to comprehensive planning that would make maximum efficient utilization of <br />resources at the least economic cost to the public. <br />B. In order to strengthen the public planning process, encourage private participation <br />in comprehensive planning and reduce the economic costs and risk of development, the <br />Legislature of the State of California enacted Section 65864 et seq. of the Government Code (the <br />" Development Agreement Legislation which authorizes City and a developer having a legal or <br />equitable interest in real property to enter into a binding development agreement, establishing <br />certain development rights in the property. <br />C. Developer has a fee interest in certain real property consisting of approximately <br />2.85 acres located at the property commonly known as 2450 Washington Avenue in the City, as <br />more particularly described in Exhibit A attached hereto, and as diagrammed in Exhibit B <br />attached hereto (the "Pro pert '). <br />D. Developer intends to develop the Property as a residential apartment community <br />of 66 dwelling units, together with certain accessory uses (defined more fully in Section 1.4, <br />below, as the " Project "). <br />E. The complexity, magnitude and long -range nature of the Project would be <br />difficult for Developer to undertake if City had not determined, through this Development <br />Agreement, to inject a sufficient degree of certainty in the land use regulatory process to justify <br />the substantial financial investment associated with development of the Project. As a result of the <br />execution of this Development Agreement, both Parties can be assured that the Project can <br />proceed without disruption caused by a change in City planning and development policies and <br />requirements, which assurance will thereby reduce the actual or perceived risk of planning, <br />financing and proceeding with construction of the Project. <br />F. City is desirous of advancing the socioeconomic interests of City and its residents <br />by promoting the productive use of property and encouraging quality development and economic <br />growth, thereby enhancing employment opportunities for residents and expanding City's property <br />tax base. <br />