75A - PH 3500 W LAKE CENTER DRIVE

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Amendment to Development Agreement No. 1990 -03 November 25, 2013 Page 2 Project Background In October 1990, Development Agreement No. 1990 -03 was approved to allow the development of the master planned, 33 -acre Lake Center Office Park development (Exhibit 4). In conjunction with the approval of the development agreement, the Specific Development No. 58 (SD -58) zoning district was approved. This zoning designation established the zoning and development standards for future development of the Lake Center properties. Since its approval, the office park has been improved with several office complexes. In addition, one of the parcels is used by the adjacent Calvary Chapel School for use as a ball field. In June 2005, the City approved the first amendment to the development agreement and extended the term of'the development agreement by an additional 10 years to October 2015 (Exhibit 5). General Plan and Zoning Analysis The General Plan land use designation for the site is Industrial (IND), which primarily allows manufacturing and industrial uses along with support commercial activities. Industrial districts are designed to provide employment opportunities for local residents and generate municipal revenues or continued economic development. Although the proposed project is not consistent with the General Plan land use designation, the Lake Center Office Park was entitled when office development was consistent with the industrial land use designation. Since the development agreement and specific development zoning designation allows office development, the use is considered to be consistent with the General Plan. The zoning for the site is Specific Development No. 58 (SD -58). The existing office and educational uses are consistent with this zoning designation. Project Analysis In 1990, the City approved several entitlements, including a development agreement, for the Lake Center Office Park. The development agreement established development intensity, permitted uses and development standards for the term of the agreement as well as required certain public improvements. As three of the parcels still remain vacant, C.J. Segerstrom & Sons is requesting an amendment to the development agreement to extend it for a period of 10 years. The request would apply to the three vacant parcels currently owned by C.J. Segerstrom & Sons that are located in the SD -58 zoning district. Further, the proposal would not change any current entitlements or zoning. The original term of the development agreement, which was approved in October 1990, was for 15 years. In October 2005, the development agreement ent was extended for an additional 10 years, with a current expiration date of Ocfober 2015. 75A -4