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DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY OF SANTA ANA AND <br />LYON HOUSING (FIRST STREET) XLVIII, LLC, <br />a Delaware limited liability company <br />This FIRST AMENDED AND RESTATED DEVELOPMENT AGREEMENT is entered <br />into between THE CITY OF SANTA ANA, a charter city and municipal corporation duly <br />authorized under the Constitution and laws of the State of California ( "City ") and LYON <br />HOUSING (FIRST STREET) XLVIII, LLC, a Delaware limited liability company <br />( "Owner "), The City and Owner are referred to jointly within this First Amended and <br />Restated Development Agreement as the "Parties" and individually as a "Party.° <br />1, RECITALS, The First Amended and Restated Development Agreement is <br />entered into with reference to the following facts: <br />1.1 The Property, The real property which is the subject of this First <br />Amended and Restated Development Agreement is located at 1901 E. 1st <br />Street In Santa Ana, California (the "Property "), The Property is more <br />particularly described in Exhibits A and B to this First Amended and <br />Restated Development Agreement, <br />The Property is a 5,1 acre parcel within the Metro East Mixed Use Overlay <br />Zone that is located at the northeast comer of First Street and Cabrillo <br />Park Drive. The Property is bounded by multi- tenant office buildings, a <br />parking structure, and Kaiser Permanents medical offices to the north, <br />low -rise office buildings and retail development to the East, First Street to <br />the South, and Cabrillo Park Drive and a 15 -story Xerox Centre office <br />building to the West, <br />The Property was previously occupied by a twc -story, 75,300 square foot <br />building (the "Main Building ") and an existing parking structure with <br />approximately 660 parking spaces (the "Existing Parking Structure "), The <br />Main Building has been demolished, but the Existing Parking Structure <br />remains on the Property. <br />12 The Original Agreement, <br />(a) On April 2, 2007, the City Council of the City of Santa Ana (the "City <br />Council') adopted Ordinance No, NS -2741 approving a <br />Development Agreement between the City and 1901 E, 1st Street <br />Partners, LLC (the "Original Agreement "). Ordinance No. NS -2741 <br />became effective on May 2, 2007, which became the effective date <br />of the Original Agreement, <br />067619184436320 <br />