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8 Concurrently with adoption of the Precise Plan, the City rezoned the Property P, by Ordinance No. ; the P zoning classification allows the Precise Plan to control development standards for the Property and Proj ect. 9 The Planning Commission and the City Council have each considered this Agreement at public hearings following notice provided in accordance with California Government Code Section 65867. 10 The City Council has found that, among other things, this Agreement is consistent with the City's General Plan, and has reviewed and evaluated it in accordance with Government Code Section 65864, et seq. The City Council has determined that completion of the Project is in the best interests of the City and the health, safety and welfare of residents and taxpayers of the City. lIOn approving this Agreement. , 2004 the City Council adopted ordinance no. [ 12 The purpose of this Agreement is to establish the rights and obligations of the parties and the parameters within which the obligations of Developer for public and other improvements will be met, and otherwise to provide the criteria for the development of the Property. 13 By this Agreement, Developer and the City agree that Developer shall have the vested right to develop the Property pursuant to this Agreement. The City has the right to regulate the development and use of the Property in accordance with the terms and conditions of this Agreement. 14 Developer has entered into, or will enter into, an agreement with the Building and Construction Trades Council-San Mateo County, committing to construct the Project with only union signatory contractors and subcontractors. NOW, THEREFORE, in consideration ofthe mutual covenants contained in this Agreement, City and Developer agree as follows: ARTICLE 1: DEVELOPMENT OF THE PROJECT 1.01 Effective Date: Term. (a) Length of Term. This Agreement shall be dated, and the obligations of Developer and City hereunder shall be effective, as of the date thirty days after City Council action on this Agreement (the "Effective Date"). The date of City Council action is noted in Recital 11 above. The term of this Agreement with respect to Developer's vested rights to develop the Property in accord with the Precise Plan and the provisions of this Agreement shall commence on the date City Council action on this Agreement becomes Final and shall expire twenty (20) years 1289\02\ 175277 .12 2