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Amendment to Development Agreement No. 1990 -03 <br />November 25, 2013 <br />Page 3 <br />A significant shift in the local and national economy had occurred the past several years that severely <br />impacted the real estate and development market. Evidence of the severe nature of the economic <br />downturn in real estate development is apparent as only three of the 14 larger projects originally <br />approved since the late 2000's have been built, with office development such as Lake Center <br />practically nonexistent. <br />Although C.J. Segerstrom & Sons does not have any immediate plans pending for the development <br />of these properties, the economy has improved enough that they still intend to construct on the vacant <br />sites per the SD -58 standards and provisions of the development agreement. The applicant is <br />satisfied with the current terms and conditions of the existing development agreement and would like <br />to extend it for 10 years. In order to provide flexibility to the applicant and allow the remainder of <br />the office park to be constructed, staff finds that the amendment to the development agreement <br />allowing the 10 -year time extension will provide for the continued implementation of the previously <br />approved project in furtherance of the provisions of SD- 58(Exhibit 6). If the extension is not <br />approved, the project would have to comply with any changes that are made to the SD zoning <br />document and would be subject to additional environmental review and mitigation. <br />Public Notification <br />The project site is not located within a neighborhood association. The project site itself was posted <br />with a notice advertising this public hearing, a notice was published in the Orange County Reporter <br />and mailed notices were sent to all property owners and tenants within 500 feet of the project site, <br />as well as concerned citizens listed on the Permanent Notification List. At the time of this printing, <br />no correspondence, either written or electronic, had been received from any members of the <br />public. <br />CEQA Analysis <br />In accordance with the California Environmental Quality Act, t <br />determined to be adequately evaluated in the previously <br />Development Final Environmental Impact Report ER No. 1989 -01. <br />l <br />Vince Fregoso, A(CP <br />Principal Planner <br />VF:jm <br />OreportsWbA 90 -3 3500 Lake Cen(er.112513.pc. <br />75A -5 <br />he proposed request has been <br />certified Lake Center Specific <br />