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development of the Property. Among the risks alleviated by this Amendment No. 1 are the <br />uncertainties of long-term planning of an economically viable project or projects on the <br />undeveloped portion of the Property. City, in accordance with the legislative findings set forth in <br />Government Code Section 65864, similarly wishes to attain important public objectives by and <br />through this Amendment No. 1, principally that with this Amendment No. 1 there is greater <br />certainty of development of the undeveloped portions of the Property which will inure to the <br />benefit of the City and its citizens through realization of increased tax revenues resulting from <br />the further development of the Property. Pursuant to the authorization set forth in Government <br />Code Section 64868 and the City's procedures for adopting and amending development <br />agreements set forth in City Council Resolution 82-92, City has undertaken the necessary <br />proceedings, has found and determined that this Amendment No. 1 is consistent with the City's <br />General Plan and with the applicable specific plan, Specific Development Plan No. 43. On <br />March 26, 2001, the City Planning Commission, after giving notice required by law, held a <br />public hearing on this Amendment No. 1 and recommended that the City Council adopt an <br />ordinance approving and adopting this Amendment No. 1. On April 16, 2001, the City Council <br />of City, after giving notice required by law, held a public hearing on this Amendment No. 1 and <br />on May 21, 2001 approved for first reading Ordinance No. NS-2467 approving and adopting this <br />Amendment No. 1. On June 4, 2001, the City Council of City approved for second reading and <br />adopted Ordinance No. NS-2467 approving and adopting this Amendment No. 1. Concurrent <br />with its approval of first reading of Ordinance No. NS-2467, the City Council of City found and <br />determined that Amendment No. 1 was statutorily exempt from the California Environmental <br />Quality Act pursuant to Public Resources Code Section 21083.3. This Amendment shall be <br />recorded in the official records of Orange County. <br />4. No Other Amendment. Except for the amendments to the Development <br />Agreement set forth in this Amendment No. 1, the Development Agreement shall remain in full <br />force and effect. <br />[end — signature page follows] <br />394/016555-OOo2 <br />148875.02 a02/22/01 -3- <br />