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undertake and complete the planning, financing and development of the Property, and to protect the capital investments that will be made by the Developer in the development of the Property. Recital N. The Developer and County desire to provide the parameters within which the obligations of the Developer for public and other improvements will be met, and otherwise to provide the criteria for the planning and development of the Property in order to obtain the foregoing benefits. Recital O. The Parties acknowledge that, although the Project is divided into phases in the Use Permit with estimated dates of completion, the actual time period within which the Property will be developed, whether additional phases will be necessary and whether the rate, timing, order, and sequencing of the development of the Property will be different than that assumed in the Project application and Use Permit will depend on numerous circumstances beyond the Developer's control, including, without limitation, market trends, demand for goods movement, the condition of capital markets, interest rates, availability of financing and other economic and non-economic factors. Recital P. This Agreement is voluntarily entered into by Developer in order to implement the Existing Approvals and in consideration of the rights conferred and the procedures specified herein for the development of the Property. This Agreement is voluntarily entered into by County in the exercise of its legislative discretion in order to implement the Existing Approvals and in consideration of the agreements and undertakings of Developer hereunder. County and Developer recognize and agree that, but for Developer's contribution to and participation in programs to mitigate the impacts of the development of the Property, County would not approve the development of the Property as contemplated by this Agreement. County's approval of the development of the Property as contemplated hereunder is in reliance upon and in consideration of Developer's agreements to make contributions, assume obligations and be subject to the restrictions referred to in this Agreement to mitigate the impacts of the development of the Property and the cumulative impacts of the development on the environment. Recital Q. For these reasons, County has determined that this Agreement is appropriate in order to achieve the goals and objectives of the County's land use planning policies and to provide appropriate assurances to Developer regarding its ability to proceed with necessary subsequent actions leading to the development of the Property. This will in turn eliminate uncertainty in planning for and secure orderly development of the Property, assure progressive installation of necessary improvements appropriate to each stage of development of the Property, insure attainment of the maximum effective utilization of resources within the County at the least economic cost to its citizens, and otherwise achieve the goals and purposes for which the Development Agreement Regulations were enacted by County. In exchange for these benefits to the County, Developer desires to receive the assurance that it may proceed with necessary subsequent actions leading to the development of the Property in accordance with the Existing Approvals and any Subsequent Discretionary Approvals, subject to the terms and conditions contained in this Agreement, in order to implement the intent of the County in enacting the Development Agreement Regulations. -5-