6. FIRST AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT (DDA) WITH BROOKFIELD HOMES SOUTHERN CALIFORNIA LLC, FOR DISPOSITION PACKAGE 2C AND 8 AT TUSTIN LEGACY
Request for authorization to approve the First Amendment to the Disposition and Development Agreement (DDA) with Brookfield Homes Southern California LLC (Brookfield) for portions of disposition parcels 2c and 8 for the development of a for-sale residential community consisting of 400 homes on approximately 25.4 net acres at Tustin Legacy.
As a result of the ongoing COVID-19 pandemic, Brookfield has requested an extension of various milestones and performance dates under the original DDA as proposed in this First Amendment to further assess the impacts of COVID-19 on the homebuilding industry. This amendment would suspend the date upon which the Purchase Price Deposit becomes non-refundable to September 1, 2020, extend performance dates of certain obligations of both parties, and, thereby extend the outside date for close of escrow by approximately nine (9) months.