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7C Page 223 Property, and ensure attainment of the maxirnum effective utilization of resources within the City at the least econoinic cost to its citizens. 7. On July 8, 20U3,the City certitied an Environmental l:n�pact Report far the Marina Sl�ores Village Project (the "EIR"). A notice of determination for the.E.TR was filed on , 2003. On , 20 tlie City approved an Addendum to the EIR (t1�e"EIR Addendum")reflectzz�g modifcatians to the Project as it had been originaIly proposed aiid a Mitigation Monitoring Reporting Progra�n and a Statement of Overriding Considerations. 8. Prior to or in cor�junction with the adoption of the Precise Plan a��d this Agreement, the City rezoned the Property"P"hy Ordinance No. . The "P" zoning classification allows the Precise Plan to controldeveloprnent standards for the Property and Project. 9. Tlse Plar�ning Commission and tre City Council have each eonsidera�this Agreeiazent at public heari.ngs fallowing notice provided in accordailce with Cali.fornia Government Code Secti�n.65867. 10. The City Council has found that, among other things, fihis Agreernent is consistent with the City's GeneraI Plan, and ha,s reviewed and evalu.ated it in accordance with Governme�3t Cade 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. 1]. In accordance with the terms and conditions set forth in this Agreement,Developer agrees to canstruct or contribute to the cost of certain public improvements, childcare a�Td affordabie housing, and City agrees to provide public improvemants and services to ensure that Developer may praceed with and complete development of the Project. 12. On , 20_the City Council adopted Ordinance No. [ ] approving tlus Agreement. 13. The purpase of this Agreement is to establish the rights and obligations of the Parties and the paraaneters within which the obligations of Developer for public and other im.proveme2�ts will be met, and otheiwise to provide the criteria for the development of the Property. 14. By this Agreement,Developer and the City agree that Developer shall have the vested right to develop the Property pursuant to this Agreen�ent. The City has the right to regulate the development and use of the Property in accordance with the tez-ins and conditions of this Agreement. NOW THEREFOI2E, in consideration of the mutual covenants contained in this Agreei�len.t, City and Developer agree as follows: 1025843-6 2 DRAFT 12/12/O7 3:00 PM