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development of the Property. Among the risks alleviated by this Amendment No. 1 are the uncertainties of long-term planning of an economically viable project or projects on the undeveloped portion of the Property. City, in accordance with the legislative findings set forth in Government Code Section 65864, similarly wishes to attain important public objectives by and through this Amendment No. 1, principally that with this Amendment No. 1 there is greater certainty of development of the undeveloped portions of the Property which will inure to the benefit of the City and its citizens through realization of increased tax revenues resulting from the further development of the Property. Pursuant to the authorization set forth in Government Code Section 64868 and the City's procedures for adopting and amending development agreements set forth in City Council Resolution 82-92, City has undertaken the necessary proceedings, has found and determined that this Amendment No. 1 is consistent with tt/e City's General Plan and with the applicable specific plan, Specific Development Plan No. 43. On March 26, 2001, the City Planning Commission, atier giving notice required by law, held a public hearing on this Amendment No. 1 and recommended that the City Council adopt an ordinance approving and adopting this Amendment No. 1. On April 16, 2001, the City Council of City, after giving notice required by law, held a public hearing on this Amendment No. 1 and on May 21, 2001 approved for first reading Ordinance No. NS-2467 approving and adopting this Amendment No. 1. On June 4, 2001, the City Council of City approved for second reading and addl~ed Ordinance No. NS-2467 approving and adopting this Amendment No. 1. Concurrent with its approval of first reading of Ordinance No. NS-2467, the City Council of City found and determined that Amendment No. 1 was statutorily exempt from the California Environmental Quality Act pursuant to Public Resources Code Section 21083.3. This Amendment shall be recorded in the official records of Orange County. I 4. No Other Amendment. Except for the amendments to the Development Agreement set forth in this Amendment No. I, the Development Agreement shall remain in full force and effect. [end - signature page follows] 394/01655541002 -3- 148875,02 a02/22/01