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<br />Development Agreement No. 1990-03 <br />May 9, 2005 <br />Page 2 <br /> <br />establish the zoning for the property. Since that time the original <br />proj ect has been improved with the Lake Park complex and the Pacificare <br />offices. In addition, one of the parcels was sold and will be used as a <br />ball field for the nearby Calvary Chapel school, which is the subject of a <br />separate request to amend SD-58. <br /> <br />C. J. Segerstrom & Sons retains title to four parcels wi thin SD- 58. Of <br />these parcels, one contains the Pacificare office complex, two are vacant <br />and one is currently being used as a parking lot. The two vacant parcels <br />and the parcel currently in use as a parking lot could all be developed <br />with additional office buildings under the existing entitlements. The <br />three undeveloped parcels total approximately 10.5 acres. <br /> <br />C.J. Segerstrom & Sons does not have any plans immediately pending for the <br />development of these properties, but they are satisfied with the current <br />terms and conditions of the existing development agreement and would like <br />to extend it for 10 years. The amendment that would memorialize the <br />requested extension is attached (Exhibit 3) . <br /> <br />Analysis of the Issues <br /> <br />C.J. Segerstrom & Sons is requesting an amendment to Development Agreement <br />No. 1990-03 to extend it for a period of 10 years. The request would <br />apply to the four parcels currently owned by C.J. Segerstrom & Sons in the <br />SD-58 zoning district and would not change any current entitlements or <br />zoning. The original term of the development agreement was 15 years. It <br />will expire in October of 2005 unless amended as proposed. <br /> <br />Staff finds that the amendment to the development agreement allowing the <br />10-year time extension will provide for the continued implementation of <br />the previously approved project in furtherance of the provisions of SD-58. <br />Staff recommends that the Planning Commission recommend that the City <br />Council approve the Amendment to Development Agreement No. 1990-03. <br /> <br />At its meeting of April 11, 2005 the Planning Commission expressed an <br />interest in reviewing the terms of the original Development Agreement <br />and requested that the document be provided to them. The item was <br />continued for two weeks in order to facilitate this request and the <br />original Development Agreement is attached to this staff report <br />(Exhibi t 4) . <br /> <br />758-3 <br />