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APPROVeD BY <br />CITY G UN 11- <br />Date <br />LDate IZI ISI07 <br />DEVELOPMENT AGREEMENT NO. DA07-01 Item # t <br />This DEVELOPMENT AGREEMENT (hereinafter "Agreement") is entered into to be <br />effective on the Effective Date (as hereinafter defined) by and between the CITY OF COLTON, a <br />California municipal corporation (hereinafter "CITY"), and COLTON LAND INVESTMENT, <br />LLC, a California limited liability company (hereinafter "DEVELOPER"). CITY and <br />DEVELOPER are sometimes singularly referred to herein as a "Party" and collectively as the <br />"Parties." <br />RECITALS <br />A. These Recitals refer to and utilize certain capitalized terms which are <br />defined in this Agreement. The Parties intend to refer to those definitions in conjunction with the <br />use thereof in these Recitals. <br />B. Government Code sections 65864-65869.5 ("Development Agreement <br />Law") authorize the CITY to enter into binding development agreements with persons having a <br />legal or equitable interest in real property for the development of such property, all for the purpose <br />of strengthening the public planning process, encouraging private participation and comprehensive <br />planning and reducing the economic cost of such development. This Agreement is adopted <br />pursuant to the Development Agreement Law. <br />C. DEVELOPER is the Owner in fee and proposed developer of <br />approximately 120 acres of real property located east of Barton Road and south of Hilltop Drive <br />within the Reche Canyon Specific Plan Area of the CITY, Assessor Parcel Nos. 0164-471-01, <br />0164-231-36, 0276-372-03, 04, 09 and 0282-192-09, 15, 23, 24, 45 and 46 which real property is <br />266372v8 <br />12/19/07 <br />