LYON HOUSING (FIRST STREET) XLVIII, LLC. A DELAWARE LIMITED LIABILITY COMPANY

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ili 06761915448672x5 (b) Before approving the Original Agreement, the City Council certified Environmental Review No. 2006 -01 for the Original Agreement and the development proposal which was the subject of the Original Agreement (the "Original EIR"). (c) Both this First Amended and Restated Development Agreement and the Original Agreement pertain to the Property. (d) 1901 E. 1st Street Partners, LLC, a Delaware limited liability company, was the owner of the Property at the time of the Original Agreement (the "Original Owner "). (e) On September 30, 2012, Owner acquired the Property from 1901 Santa Ana Land, LLC, a Delaware limited liability company and a successor of the Original Owner. (f) By entering into this First Amended and Restated Development Agreement, the City Council approves the assignment of the rights and delegation of the obligations under the Original Agreement to Owner. Purpose of this First Amended and Restated Development Agreement. (a) The purpose of this First Amended and Restated Development Agreement is to facilitate the development of the Property. This First Amended and Restated Development Agreement is not a new development agreement, but rather an amendment and restatement of the terms of the Original Agreement. The purpose of this First Amended and Restated Development Agreement Is to (1) reflect a revised development plan for the Property and (2) extend the term set forth in the Original Agreement. (b) Owner proposes to develop on the Property a new 264 -unit multifamily residential development (the "Project'). The Project will consist of a new 5 -story low -rise Type III -A building containing 250 units to be constructed against the west side of the Existing Parking Structure and a new 3 -story Type V -A townhouse building wrapping the south and east sides of the garage containing 14 townhouse units, A 5,000 GSF clubhouse and recreation deck wlth pool will be added over the southern half of the Existing Parking Structure, The project will also include approximately 2,424 SF of retail space on the corner of First Street and Cabrillo Park Drive.