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2020/03/02 Agreement Amendment No. 1 - KB Home Coastal, Inc. - Instrument No. 2010-0126721DocuSign Envelope ID: F90BA16A-E9AO-43EC-AEEO-3EFA7C8FD88A DOC # 2021-0092472 RECORDED AT THE REQUEST OF AND WHEN RECORDED RETURN TO: CITY OF MENIFEE City Hall 29844 Haun Road Menifee, CA 92586 Attn: City Manager 02/11/2021 11:14 AM Fees: $0.00 Page 1 of 10 Recorded in Official Records County of Riverside Peter Aldana Assessor -County Clerk -Recorder **This document was electronically submitted to the County of Riverside for recording** Receipted by: NORMA #248 (Space Above For Recorder's Use) This First Amendment to Development Agreement is recorded at the request and for the benefit of the City of Menifee and is exempt from the payment of a recording fee pursuant to Government Code Sections 6103 and 27383. FIRST AMENDMENT TO DEVELOPMENT AGREEMENT THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this "First Amendment") is effective as of the 2nd day of March, 2020 (hereinafter the "Effective Date") by and among (i) the CITY OF MENIFEE, a California city (the "City"), and (ii) KB HOME COASTAL INC., a California corporation ("Landowner'). City and Landowner are sometimes hereinafter collectively referred to as the "Parties" and singularly as "Party." RECITALS A. On or about March 2, 2010, City and Landowner entered into that certain Development Agreement, which was recorded on March 19, 2010, as Instrument No. 2010-0126721, in the Official Records of Riverside County, California (the "Development Agreement'); B. On March 26, 2020, the City Finance Commission held a duly noticed public hearing and voted to recommend extending the term of the Development Agreement between the City and Landowner and amend payment of Development Impact Fees; and C. On September 23 , 2020, the Planning Commission held a duly noticed public hearing and voted to recommend extending the term of the Development Agreement between the City and Landowner and amend payment of Development Impact Fees; and D. On December 2 , 2020, the City Council held a duly noticed public hearing and voted to end the term of the Development Agreement between the City and Landowner and amend payment of Development Impact Fees; and -1- DocuSign Envelope ID: F90BA16A-E9AO-43EC-AEEO-3EFA7C8FDB8A DOC #2021-0092472 Page 2 of 10 E. After reviewing the Project EIR in the context of the consideration and approval of this First Amendment, the City Council has determined that none of the elements set forth in Public Resources Code Section 21166 or its implementing regulations (14 Cal. Code Regs. Section 15162) exist and therefore has determined, in accordance therewith, that no subsequent or supplemental Environmental Impact Report or Mitigated Negative Declaration is required to be prepared prior to adopting and approving this First Amendment. F. For purposes of ensuring the public record accurately reflects the revised payment of Development Impact Fees and term of the Development Agreement, City and Landowner now desire to update the Development Agreement to amend the term and Development Impact Fees payment schedule. NOW, THEREFORE, in consideration of the above Recitals, which are incorporated herein by this reference, and of the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, City and Landowner agree as follows: 1. Defined Terms. Capitalized terms that are not otherwise defined in this First Amendment shall have the meaning assigned to those terms in the Development Agreement. 2. Amendment. 2.1. Recital G. of the Development Agreement is amended to read: G. As used in this Agreement, the term "City's DIF" shall be defined to mean those development impact fees and exactions, including, without limitation, dedications and any other fee or tax (including excise, construction or any other tax) relating to development or the privilege of developing, which were in effect on a City-wide basis immediately prior to the effective date of Ordinance No. 2009-43. As consideration for the Civic Site Conveyance, in addition to reductions in the City DIF accorded prior to March 2, 2020, City has agreed that all lots within TTM 30142 shall (i) receive an eighty percent (80%) reduction in the payment of City's DIF that is due and paid between March 2, 2020 and March 1, 2022, and (ii) receive a fifty percent (50%) reduction in the payment of the City's DIF for fees that are due and paid from March 2, 2022 through March 1, 2025 (the foregoing reductions are collectively referred to and defined in this Agreement as the "Development Impact Fee Reductions") . A complete list of City's DIF is provided on Exhibit C attached hereto. -2-