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DRAFT <br />FIRST AMENDMENT TO <br />AMENDED AND RESTATED DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY OF SANTA ANA AND <br />MAIN STREET CONCOURSE, LLC <br />This FIRST AMENDMENT TO AMENDED AND RESTATED <br />DEVELOPMENT AGREEMENT ("First Amendment") is entered into between THE CITY OF <br />SANTA ANA, a charter city and municipal corporation duly authorized under the Constitution <br />and laws of the State of California ("City") and MAIN STREET CONCOURSE, LLC, a <br />California limited liability company ("Owner" or "Property Owner"). <br />1. RECITALS. This First Amendment is entered into with reference to the <br />following facts: <br />1.1 Original Agreement. The City and Owner's predecessor in interest, <br />Orient Corporation of America, Inc., a California corporation ("Orient"), are parties to that <br />certain Development Agreement entered into on or about May 3, 1993 and recorded as <br />Document Number 93-0385606 with the Recorder's Office of the County of Orange (the <br />"Original Agreement"). <br />(1) The purpose of the Original Agreement was to facilitate the <br />development of the mixed-use project contemplated by the City's Specific Design Zoning <br />Designation SD-59 (SD-59), Vesting Tentative Map No. 14408 and EIR No. 93- <br />1.2 Amended And Restated Agreement. Orient's interest was subsequently <br />acquired by Owner, who thereafter with the City entered into that certain Amended and Restated <br />Development Agreement on or about February 14, 2005, and recorded as Document Number <br />2005-000258102 with the Recorder's Office of the County of Orange (the "Amended <br />Agreement"). <br />(1) Owner at that same time obtained approvals for a modified project, <br />including an amendment to SD-59, together with a new Vesting Tentative Map No. 14408 and <br />EIR No. 2004-01. <br />(2) Section 5.4 of the Amended Agreement provides that Owner shall <br />consider the design and application for an additional residential, for-sale, high rise tower on its 18 <br />acre property in the general location as specified in Exhibit F to the Amended Agreement. <br />(3) The Owner has now proposed construction of a 31 story, 353 <br />residential unit for-sale (i.e., condominium) project in the general location specified in Exhibit F to <br />the Amended Agreement. This project would require amendment to SD-59 and other <br />discretionary approvals by the City, including a new tentative tract map and Environmental <br />Impact Report. <br />75A-75 <br />