11A - SECOND READ - 200 EAST FIRST AMERICAN WAY - THE MET

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EBAMENDED DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA AND VDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY This RESTATED AND NOVA AMENDED DEVELOPMENT AGREEMENT ("Agreement") is entered into between THE CITY OF SANTA ANA, a charter city and municipal corporation duly authorized under the Constitution and laws of the State of California (referred to herein as "City") on the one hand, and COASTAL RIM PR-QARR-T4E8, IN A CALIFORNIA CORPO A Tr0N and GENEVA Cnr,ra ONSVDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY (collective-ly referred to herein as "Owner" or "Property Owner") on the other hand. 1. RECITALS. The Amended Agreement is entered into with reference to the following facts: 1.1 Purpose. (1) The purpose of this Agreement is to facilitate the development of a small portion of the real property which was the subject of a Development Agreement entered into on January 4, 1988 and recorded as Document 88-260709 in the Office of the Recorder of the County of Orange (here-after the "Original Agreement"). The Original Agreement was subsequently amended on or about June 4, 2001, by Document No. 20010429519 the Office of the Recorder of the County of Orange. The real property which was the subject of the Original Agreement is zoned by the City as Specific Zoning District No. 43 ("SD-430. On April 4, 2005, the City entered into a Development Agreement (the "2005 Agreement") with Coastal Rim Properties, Inc. and Geneva Commons, LLC (collectively referred to herein as "Coastal Rim"). (2) A portion of the real property covered by the Original Agreement was subsequently acquired by 8rvxer Coastal Rim, who has applied to the City to amend SD-43 and have approved a new tentative map, and other entitlements. (3) The City and Owner agree that the changes Owner seeks in the Original 2005 Agreement substantiate the need to Y-eplaee amend the Original Agreement with the instant Development Agreement, rendering the Original Agreement and the 2005 Agreement, and any ef-4 amendments thereto, null and void as applied to Owner's Property (as the word "Property" is defined in section Section 2.3 herein). (4) As more particularly set forth in seotier? Section 2.4 of this Agreement, Owner has proposed eonstrueting at developing the northeast corner of MacArthur Boulevard and Imperial Promenade of an 18 residential level high rise pr-ejeet and an eight ster), building, together Wi > of whie-h +io more *a* > 13e-de;,oted to "fast food" • " ke ours with a 5-sto1y, multi-family apartment community consisting of 278 residential units with 2 levels of subterranean parking and a level of podium deck parkin in 2 separate buildings (the "Project" as further defined in Section 2.4 11 A-9