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7.8 Page 8 residential units proposed in the Original Project. As a result, Developer has proposed, and the City Planning Commission has approved, a revised project that will include approximately 231 residential units (the "Revised Project". also known as "0ne Marina"). Developer may apply for a separate Planned Community Permit and a tentative map, subject to Planning Commission review and approval and may develop 10,000 rentable square feet of community- serving retail space integrated with a hotel of up to 200 rooms on a site reserved for both such purposes. G. This Amendment modifies the requirements applicable to development of the Property to address the Revised Project as approved by the Planning Commission. Among other modifications, this Amendment addresses a change in minimum progress standards, a change in construction phasing, a reduction in minimum width of certain esplanades, and certain modifications to affordable housing, childcare, and infrastructure requirements. The Planning Commission has determined that the development of the Revised Project as approved by the Commission pursuant to a Planned Community Permit and as set forth in this Amendment is consistent with the intent of the Precise Plan. H. The Planning Commission has reviewed, and the City Council has determined that the environmental impacts of development pursuant to this Amendment are adequately analyzed and mitigated by measures identified in the EIR and the EIR Addendum, and no further environmental review is required for approval of this Amendment under the California Environmental Quality Act. I. The City Council has considered this Amendment at a public hearing following notice provided in accordance with California Government Code Section 65867. J. The City Council has found that, among other things, this Agreement is consistent with the City's General Plan, and has reviewed and evaluated it in accordance with Government Code Section 65864, et seq. The City Council has determined that completion of the Revised Project is in the best interests of the City and the health, safety and welfare of residents and taxpayers of the City. K. On , 2010 the City Council adopted Ordinance No. approving this Amendment. NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows. 1. Intent of this Amendment. The intent of this Amendment is to modify certain provisions of the Original Agreement (defined in Recital B above) as specifically set forth herein. This Amendment shall not affect Developer's vested rights under the Original Agreement; instead, this Amendment only modifies certain provisions of the Original Agreement in recognition of the reduced number of residential dwellings 1483470.7 9-09-2010 PCI+PP Final 3