4. THIRD AMENDMENT TO THE TUSTIN LEGACY DISPOSITION AND DEVELOPMENT AGREEMENT CORNERSTONE I (DDA) WITH FLIGHT PHASE I OWNER LLC
Request for authorization to approve the Third Amendment to the Disposition and Development Agreement Cornerstone I (DDA) with Flight Phase I Owner LLC, successor in interest to Flight Venture LLC (formed by the affiliates of Lincoln Property Company Commercial, Inc. (LPCC) and Alcion Capital Strategic III, LLC (Alcion) (Developer) for the FLIGHT office development at Tustin Legacy. This amendment would reduce the remaining Option term and facilitate conveyance of the FLIGHT Phase 2 property by December 30, 2022, in compliance with the State Surplus Land Act (SLA). The purchase price schedule for Phase 2 will remain unchanged.