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AMENDMENT NO. 1 TO DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA AND HERITAGE VILLAGE OC, LLC, a Delaware limited liability company This Amendment No. 1 to the DEVELOPMENT 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 ("City") and Heritage Village OC, LLC, a Delaware limited liability company ("Owner"). The City and Owner are referred to jointly in this Development Agreement as the "Parties" and individually as a "Party." 1. RECITALS. This Amendment No. 1 to the Development Agreement is entered into with reference to the following facts: 1.1 Development Agreement. A Development Agreement by and between the City of Santa Ana and Heritage Village OC, LLC (the "Development Agreement"), was approved by the City Council on February 2, 2016 and was recorded on June 28, 2016 as Instrument No. 2016000293512 in the Official Records, Orange County. The Development Agreement establishes vested development rights for the Heritage Village Project (the "Project") on an 18.84 acre parcel located at the northwesterly corner of East Dyer Road and Redhill Avenue in the City. 1.2 Amendment to Development Agreement. Section 4.3 of the Development Agreement provides that the Development Agreement may be amended from time to time by the mutual consent of the parties provided it is done in a manner consistent with California Government Code Section 65868. Government Code Section 65868 requires that an amendment to a development agreement be subject to a public hearing held by both the Planning Commission and the City Council pursuant to appropriate notice and that the amendment be approved by ordinance and be consistent with the general plan and any applicable specific plan. 1.3 Phasing of In Lieu Fees. Pursuant to Section 5.8 of the Development Agreement, the Project will be developed in three phases as more fully described in the Development Agreement. Pursuant to Section 5.9 of the Development Agreement the Owner is obligated to pay the City an in lieu fee of $9.35 per square foot of habitable space in order to fulfill its inclusionary housing requirement. Section 5.9 does not indicate when the in lieu fees are to be paid. Section 41.1904(c)(3) of the City Zoning Code addresses the payment of such fees and states that: "The developer shall pay any in lieu fees allowed by this section in full before issuance of the first building permit for any portion of the residential project, including any non-residential portions of a mixed use development." Both the Owner and the City have determined that it is in the best interest of both parties to allow for a phased payment of the in lieu fees pursuant to the terms of this Amendment No. 1 to the Development Agreement. Ordinance No. NS -2911 Page 5 of 7