Inst 2011 Agmt Wm Mathews Inc - Laserfiche WebLink

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DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT ( "Development Agreement" or "Agreement ") is made and entered into as of December _, 2011 ( "Agreement Date ") by and between the CITY OF SAN LEANDRO, a California Charter City organized and existing under the laws of the State of California ( "City "), and Wm. Mathews, Inc., a California corporation ( "Developer "). City and Developer are referred to individually as "Party," and collectively as the "Parties." RECITALS This Agreement is entered upon the basis of the following facts, understandings and intentions of City and Developer. A. The lack of certainty in the approval of development projects can result in a waste of resources, escalate the cost of housing and other development, and discourage investment in and commitment to comprehensive planning that would make maximum efficient utilization of resources at the least economic cost to the public. B. In order to strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic costs and risk of development, the Legislature of the State of California enacted Section 65864 et seq. of the Government Code (the "Development Agreement Legislation "), which authorizes City and a developer having a legal or equitable interest in real property to enter into a binding development agreement, establishing certain development rights in the property. C. Developer has a fee interest in certain real property consisting of approximately 2.85 acres located at the property commonly known as 2450 Washington Avenue in the City, as more particularly described in Exhibit A attached hereto, and as diagrammed in Exhibit B attached hereto (the "Property "). D. Developer intends to develop the Property as a residential apartment community of 66 dwelling units, together with certain accessory uses (defined more fully in Section 1.4, below, as the "Project "). E. The complexity, magnitude and long -range nature of the Project would be difficult for Developer to undertake if City had not determined, through this Development Agreement, to inject a sufficient degree of certainty in the land use regulatory process to justify the substantial financial investment associated with development of the Project. As a result of the execution of this Development Agreement, both Parties can be assured that the Project can proceed without disruption caused by a change in City planning and development policies and requirements, which assurance will thereby reduce the actual or perceived risk of planning, financing and proceeding with construction of the Project. F. City is desirous of advancing the socioeconomic interests of City and its residents by promoting the productive use of property and encouraging quality development and economic growth, thereby enhancing employment opportunities for residents and expanding City's property tax base.