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ORDINANCE NO. 2007-21 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH APPROVING DEVELOPMENT <br />AGREEMENT NO. DA2007 -002 CONCERNING NORTH <br />NEWPORT CENTER <br />WHEREAS, The Irvine Company has filed an application with respect to its <br />property located in North Newport Center and consisting of the following sub - areas: <br />parts of Newport Center Block 500, Newport Center Block 600, parts of San Joaquin <br />Plaza, and Fashion Island ('Property'). <br />WHEREAS, General Plan policy LU 6.14.8 requires development agreements for <br />mixed -use projects that use the 450 residential units identified in Table LU2, and <br />requires that development agreements define the improvements and benefits to be <br />contributed by the developer in exchange for the City's commitment for the number, <br />density and location of housing units. <br />WHEREAS, Newport Beach Municipal Code section 15.45.020 also requires a <br />development agreement for the North Newport Center project because it includes the <br />development of more than 50 residential units as well as new non- residential <br />development in Newport Center. <br />WHEREAS, Newport Beach Municipal Code section 15.45.040 requires that <br />development agreements include the term, permitted uses, density and intensity of <br />development, maximum height and size of proposed buildings, and provisions for <br />reservation or dedication of land for public purposes. <br />WHEREAS, as part of its application, The Irvine Company requests approval of <br />Development Agreement No. DA2007 -002, entitled the Zoning Implementation and <br />Public Benefit Agreement Between the City of Newport Beach and The Irvine Company <br />LLC Concerning North Newport Center (Fashion Island, Block 500, Block 600, and San <br />Joaquin Plaza), to allow future development on the Property. <br />1 <br />