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2014/11/21 Agreement FY15 Heritage Square Development DOC # 2014-0447950 11/21/2014 03:35P Fee:NC Pape 1 of lag Recorded in Official Records Recording Requested by And county of Riverside When Recorded Return to: QtSeSgpr Larry U. Ward ' County Clark & Recorder City of Menifee I IIIIIIIIIIIII IIII IIIIIIIIIIIIIIIIIIIII III(IIII IIII II 29714 Haun Road II Menifee, CA 92586 R. U PAGE SIZE I DA I MISC I LONG KFu OPY Attn: City Clerk EXAM M A L 465 426 PCOR NCOR SMF NCHG !I T: CTY UNI (Exempt from Recording Fee per Gov.Code§6103) DEVELOPMENT AGREEMENT This Development Agreement (hereinafter "Agreement") is entered into this day of L711 ovemk12i" 2014, (hereinafter the "Effective Date") by and between the CITY OF MENIFEE, a municipal corporation (hereinafter "City"), and Heritage Square, L.P., a California limited partnership, ("hereinafter"Developer"). RECITALS A. California Government Code Sections 65864 et seq. ("Development Agreement Law") authorizes cities to enter into binding development agreements with persons having a legal or equitable interest in real property for the development of such property, all for the purpose of strengthening the public planning process, encouraging private participation and comprehensive planning and identifying the economic costs of such development. B. Developer is the owner of legal and/or equitable interests in certain real property legally described in Exhibit "A" attached hereto and incorporated herein (the "Property"), and thus qualifies to enter into this Agreement in accordance with Development Agreement Law. C. Developer and City agree that a development agreement should be approved and adopted for this Property in order to memorialize the property expectations of City and Developer as more particularly described herein. D. The City Council has found that this Agreement is in the best public interest of the City and its residents, adopting this Agreement constitutes a present exercise of the City's police power, and this Agreement is consistent with the City's General Plan. This Agreement and the proposed Project (as hereinafter defined)will achieve a number of City objectives, including the orderly development of the Property; the providing of public benefits to the City and its residents through public improvements, improvements to the Property, and street improvements in and around the Property. E. City finds and determines that all actions required of City precedent to approval of this Agreement by Ordinance No.2014-158 of the City Council have been duly and regularly taken. I DEVELOPMENT AGREEMENT 0 1 006/0005/4 1 5 3 9.01