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<br /> 10 <br /> <br /> <br />ARTICLE 2. <br />DEVELOPMENT OF THE PROPERTY <br />2.1. Project Development. <br />Developer shall have a vested right to develop the Project on the Property, in accordance <br />with the Vested Elements (defined in Section 2.2). <br />2.2. Vested Elements. <br />The permitted uses of the Property, the minimum and maximum density, number of <br />commercial and retail units, the intensity of use, the maximum height and size of the proposed <br />buildings, provisions for reservation or dedication of land for public purposes, the conditions, <br />terms, restrictions, and requirements for subsequent discretionary actions, the provisions for <br />public improvements and financing of public improvements, and the other terms and conditions <br />of development applicable to the Property are as set forth in: <br />a. The General Plan of City on the Agreement Date, including the General <br />Plan Amendments (“Applicable General Plan”); <br />b. The Zoning Ordinance of City on the Agreement Date, including the <br />Zoning Amendment (“Applicable Zoning Ordinance”); <br />c. Other rules, regulations, ordinances and policies of City applicable to <br />development of the Property on the Agreement Date, except for any and all fees applicable to the <br />development, which shall be vested as set forth in Section 2.6.3 of this Agreement, (collectively, <br />together with the Applicable General Plan and the Applicable Zoning Ordinance, the <br />“Applicable Rules”); and <br />d. The Project Approvals, as they may be amended from time to time but <br />only after Developer’s written consent; <br />and are hereby vested in Developer, subject to, and as provided in, the provisions of this <br />Development Agreement (the “Vested Elements”). City hereby agrees to be bound with respect <br />to the Vested Elements, subject to Developer’s compliance with the terms and conditions of this <br />Development Agreement. <br />2.3. Development Construction Completion. <br />2.3.1. Timing of Development; Pardee Finding. Because the California <br />Supreme Court held in Pardee Construction Co. v. City of Camarillo, 37 Cal.3d 465 (1984), that <br />the failure of the parties therein to provide for the timing of development resulted in a later- <br />adopted initiative restricting the timing of development to prevail over the parties’ agreement, it <br />is the Parties’ intent to cure that deficiency by acknowledging and providing that, subject to any <br />infrastructure phasing requirements that may be required by the Project Approvals, Developer <br />shall have the right (without obligation) to develop the Property in such order and at such rate <br />and at such times as Developer deems appropriate within the exercise of its subjective business <br />judgment.