Item 20 - Memorandum of Understanding of the Master Plan of Arterial Highways Amendment

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0 NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby amend and restate in full the 1992 Agreement in full as follows: 1. Limit on new development in the IBC The parties hereto agree that Irvine will not issue building permits for development in the IBC which would cause the total development in the IBC (existing development plus development occurring after the date of this Agreement) to exceed 51,000,000 square feet of office equivalency development (as defined in the Irvine Zoning Code) until after the following street improvements, located in the City of Santa Ana, have been completed: (a) The widening of Dyer Road to eight (8) lanes from a point commencing just east of the SR-55 freeway northbound direct con_n_ector on - ramp to_and including the- Redhill - Dyer/Barranca -- Avenue intersection, as provided in the IBC E1R mitigation measures, hereinafter referred to as the "Roadway Improvement", (b) An Alton Avenue overcrossing of the SR-55 Freeway, hereinafter referred to as the "Overcrossing Improvement". If, notwithstanding Irvine's agreement to limit the issuance of building permits as set forth hereinabove, the total development in the IBC exceeds 51,000,000 square feet prior to the completion of the Roadway Improvement and Overcrossing Improvement; A. Irvine shall pay to Santa Ana Irvine's share of the Total Costs (as defined in Section 2 herein below) of the Overcrossing Improvement, to the extent such Total Cost remain unpaid. Any amounts received by Santa Ana pursuant to this paragraph shall be expended by Santa Ana in accordance with Section 3 herein below. As of the date of this agreement, Irvine has A issued building permits in the IBC for 41,671,636 square feet of office equivalency development. B. Irvine shall deposit the Total Costs (as defined in Section 2 herein below)