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The purpose of this article is to permit development agreements pursuant to Article 2.5 (commencing with Section 65864) of Chapter 4 of Title 7 of the Government Code. In connection therewith, the City Council hereby finds as follows:

A. The lack of certainty in the approval of development projects can result in a waste of resources, escalate the cost of housing and other development to the consumer, and discourage investment in and commitment to comprehensive planning which would make maximum efficient utilization of resources at the least economic cost to the public.

B. Assurance to the applicant for a development project that upon approval of the project, the applicant may proceed with the project in accordance with existing policies, rules, and regulations, and subject to conditions of approval, will strengthen the public planning process, encourage private participation in comprehensive planning, and reduce the economic costs of development.