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DRAFT (4) In light of the Owner proposal to construct the 31-story, 353 residential units, for-sale (i. e., condominium) project, the Owner and City have agreed that it is appropriate to adopt this amendment to the Amended Agreement. 1.3 Code Authorization. The City is authorized pursuant to Government Code Sections 65864 through 65869.5 to enter into Development Agreements with persons having legal or equitable interests in real property for the purpose of establishing certainty for both the City and Owner in the development process. The City enters into the First Amendment pursuant to the provisions of the Government Code and applicable City policies. The parties acknowledge: (1) This First Amendment is intended to assure adequate public facilities at the time of development. (2) This First Amendment is intended to assure development in accordance with the City's General Plan, applicable Specific Plans and Specific Development District No. 59, as modified concurrently herewith by Ordinance No. NS- (3) This First Amendment will permit achievement of goals and objectives as reflected in the City's General Plan, all applicable Specific Plans and Specific Development District No. 59. (4) Owner is required by existing City regulations to provide mitigation for certain impacts and pay certain regulatory fees as conditions of approvals through the regulatory process, as further provided in this First Amendment. (5) This First Amendment will allow the City to realize extraordinary and significant public infrastructure facilities and other supplemental benefits in addition to those available through the existing regulatory process. (6) Many of the extraordinary and significant benefits identified as consideration to the City for entering into this First Amendment are of regional significance, relate to existing deficiencies in public facilities, require Owner to contribute a greater percentage of benefits than would otherwise be required, and represent benefits which would not otherwise be required as part of the development process. 1.4 Owner. Owner represents and warrants that it has a legal or equitable interest in the real property located in the City of Santa Ana, California, legally described on Exhibit A attached hereto and incorporated herein, and graphically described on Exhibit B attached hereto and incorporated herein (hereinafter the "Sky Lofts Property"). The Sky Lofts Property is approximately 2.01 acres in size and is currently vacant. 75A-76