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built on each Building Parcel. These decisions will depend upon a number of circumstances not within the control of the Pacific Shores, including without limitation, market orientation and demand for the use or uses within the Project, the condition of capital markets and availability of appropriate financing for the development of the Project and other similar factors. It is the intent of the parties to provide Pacific Shores by this Agreement with sufficient flexibility to respond to these uncertainties in the development of the Property. The flexibility provided by this Agreement includes, among other things, the ability to alter the proposed development program within and among the various Building Parcels pursuant to the terms and conditions set forth in this Agreement. I. On May 8, 1995, after a duly noticed public hearing, the City Council of City considered and certified the Project EIR as adequate and in compliance with the California Environmental Quality Act, and on August 14, 1995 adopted findings to such effect. J. On February 12, 1996, after a duly noticed public hearing, the City Council of City approved prezoning of the Property by Ordinance No. 1130-295. K. On June 10, 1996, after a duly noticed public hearing, the City Council of City modified the General Plan designation for the Project Site by Resolution No. 12798. L. Following consideration of the Project EIR and determining that no supplemental or subsequent environmental impact report was required, after conducting a duly noticed public hearing, and after adoption of Findings, pursuant to Ordinance No. 2151 adopted on October 26, 1998, the City Council of City approved this Agreement, authorized the execution of this Agreement, and found that the provisions of this Agreement were consistent with the General Plan of City and with the prezoning of the Property. M. Through preparation and consideration of the Project EIR, City has thoroughly considered all significant environmental impacts of the development of the Project and the annexation of the Property (and adjacent properties) to City, and City has determined that the terms and conditions of the Existing Approvals, as incorporated into this Agreement, mitigate the significant impacts of the Project to the maximum extent feasible, and the remaining significant impacts aze acceptable because of the overriding social and economic benefits the Project will provide. N. Pursuant to a duly noticed meeting of its Board of Directors, Pacific Shores Center Corp., an Illinois corporation and general partner of Pacific Shores, has adopted a resolution authorizing the execution of this Agreement by Pacific Shores. O. It is the intent of the parties that Pacific Shores' obligations with respect to all Exactions shall be fixed as of the Effective Date except as specifically provided in this Agreement and that there will be no alteration in the basis or manner for computation of any existing Exaction, no increase in any existing Exaction, or the imposition of any new Exaction in connection with the development, construction, use or operation of the Project on the Property after the Effective Date except as expressly provided in this Agreement. K:\DOC\0002\0033\AGA\Ct1Y.DA6 � 29-Oec-1998 Ai 15:00