CAO:420-46\pjh\Legal Files\The Lakes Residential Project\DA First Amendment SMRH:4919-9036-9640.2
Ord. No. 1742-NS
ORDINANCE NO. 1742-NS
AN ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF THOUSAND OAKS APPROVING
A FIRST AMENDMENT TO DEVELOPMENT
AGREEMENT DAGR-2021-70437 (CONTRACT
NO. 13633- 2024) (2200 EAST THOUSAND
OAKS BOULEVARD; APPLICANT: T.O. LAKES,
LLC)
WHEREAS, on December 14, 2021, the Thousand Oaks City Council adopted Ordinance No. 1691 -NS approving Development Agreement DAGR- 2021-70437 (Contract No. 13633-2024) to regulate specific land uses, and public and private benefits for approximately 7.58 net acres of property located at 2200 Thousand Oaks Boulevard; and
WHEREAS, upon notice duly given, a hearing was held at the regular meeting of the City Council of the City of Thousand Oaks on October 7, 2025 , to consider a First Amendment to Development Agreement DAGR -2021-70437 (Contract No. 13633-2024); and
WHEREAS, at said hearing, evidence, both oral and written, including a Staff Report was presented and received, and testimony was taken from all interested parties appearing on the matter; and
WHEREAS, an ordinance is required to formalize Council action pursuant to Section 65453 of the California Government Code, and this ordinance is adopted; therefore, for that purpose and reflects the action of a majority of the members of the City Council i n rendering a decision on this matter following the public hearing at the regular meeting of October 7, 2025.
NOW, THEREFORE, pursuant to Government Code Sections 65453 and 65850, the City Council of the City of Thousand Oaks does hereby ordain as follows; that the prior determination that Development Agreement No. 2021-70437 is consistent with all Elements of the General Plan is not nullified by approval of the First A mendment to Development Agreement DAGR-2021-70437 (Contract No. 13633-2024).
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Ord. No. 1742-NS
PART 1
(Uncodified)
The First Amendment to Development Agreement DAGR- 2021-70437 (Contract No. 13633-2024) (EXHIBIT A) is hereby approved and adopted as set forth, “DAGR 2025 -70002,” as presented to City Council for its October 7, 2025, public hearing.
PART 2
(Uncodified)
If any section, subsection, clause or phrase of the Ordinance is for any reason held to be invalid or unconstitutional, such invalidity or unconstitutionality shall not affect the validity or constitutionality of the remaining portions of this title; it be ing hereby expressly declared that this title, and each section, subsection, sentence, clause and phrase hereof, would have been prepared, proposed, adopted, approved and ratified irrespective of the fact that any one or more section, subsections, sentences, clauses or phrases be declared invalid or unconstitutional.
PART 3
(Uncodified)
This Ordinance shall become effective on the thirty-first (31st) day following its final passage and adoption.
PASSED AND ADOPTED this 21st day of October, 2025, by the following vote:
Ayes:
Noes:
Absent:
________________________________
David Newman, Mayor
City of Thousand Oaks, California
ATTEST/CERTIFY:
________________________________
Laura B. Maguire, City Clerk
Date Attested: ____________________
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Ord. No. 1742-NS
APPROVED AS TO FORM:
Office of the City Attorney
__________________________________
Tracy M. Noonan, City Attorney
APPROVED AS TO ADMINISTRATION:
__________________________________
Andrew P. Powers, City Manager
Introduced: October 7, 2025
Published: October 14, 2025 and XXX XX, 2025
Ordinance No.: 1742-NS
The presence of e lectronic s ignatures c ertifies that the foregoing is a true and correct c opy as approved by the City
of Thousand Oaks City Council on the date cited above.
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Ord. No. 1742-NS
OFFICIAL BUSINESS
Document entitled to free
recording per Government
Code Section 6103
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
City Clerk
City of Thousand Oaks
2100 Thousand Oaks Boulevard
Thousand Oaks, California 91362
APN: 671-0-240-430
________________________________________________________________ ______
(Above Space for Recorder's Use Only)
FIRST AMENDMENT OF DEVELOPMENT AGREEMENT
This First Amendment Of Development Agreement (" Amendment") is dated as of October 7, 2025, by and between the CITY OF THOUSAND OAKS, a municipal corporation (the " City"), and T.O. LAKES, LLC, a California limited liability company ("Developer"), with reference to the following facts:
RECITALS
A. The City and Developer previously entered into that certain Development Agreement dated as of March 23, 2022, and recorded on March 30, 2022 as Instrument No. 2022000040837 in the Official Records of Ventura County, California (the “Development Agreement”).
B. The City and Developer desire to amend the Development Agreement to extend the Term of the Development Agreement.
AGREEMENT
NOW THEREFORE, In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and Developer hereby agree as follows:
EXHIBIT A
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Ord. No. 1742-NS
1. Replacement of Section 7.2. The first sentence of Section 7.2 of the Development Agreement is hereby amended in its entirety to read as follows:
Term. Subject to the provisions of Section 3.3.2, above, the Term of this Agreement shall commence on the Effective Date and expire on the earlier of (a) March 29, 2031, or (b) the date on which the City issues a Certificate of Occupancy for the Project, unless the Term is otherwise terminated, modified or extended by circumstances that are expressly set forth in this Agreement or by mutual consent in writing of the Parties.
2. Conforming Changes to Development Agreement Amendment . All references to “First Amendment of Development Agreement” in Exhibit “F” (Development Agreement Amendment) to the Development Agreement is hereby amended to refer to “Second Amendment of Development Agreement.”
3. Acknowledgement of Purchase Agreement Amendments . Section
3.3.1(c) of the Development Agreement is hereby amended to delete the parenthetical which reads “(as defined in the Purchase Agreement)” and replacing such parenthetical with the following: “(as defined in the Purchase Agreement, as amended from time to time).”
4. No Other Amendments. Except as set forth in this Amendment, the Development Agreement shall remain unmodified and in full force and effect. This Amendment may be executed in counterparts, each of which shall be deemed to be an original and all of which, taken together, shall be deemed to constitute one and the same agreement.
5. Entire Agreement. The Development Agreement, as amended by this Amendment, together with the documents described and referred to in the Development Agreement, contain all of the agreements of City and Developer with regard to the transactions contemplated hereby, and supersede all prior agreements, understandings and negotiations, whether written or oral.
6. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto.
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Ord. No. 1742-NS
7. Defined Terms. All capitalized terms not defined herein shall have the same respective meanings as are given such terms in the Development Agreement, unless expressly provided otherwise in this Amendment.
IN WITNESS WHEREOF, the City and Developer have caused this Amendment to be duly executed as of the date first above written.
: DEVELOPER:
T.O. LAKES, LLC,
a California limited liability company
By______________________________
Jackie Levy,
its Chief Financial
Officer
CITY:
CITY OF THOUSAND OAKS,
a municipal corporation
By____________________________
David Newman, Mayor
ATTEST:
By_______________________
Laura B. Maguire,
City Clerk
Date Attested: _____________
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Ord. No. 1742-NS
APPROVED AS TO FORM:
Office of the City Attorney
By________________________
Tracy M. Noonan,
City Attorney
APPROVED AS TO ADMINISTRATION:
By________________________
Andrew P. Powers,
City Manager
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Ord. No. 1742-NS
CAO:420-46\pjh\Legal Files\The Lakes Residential Project\DA First Amendment SMRH:4919-9036-9640.2
Ord. No. 1742-NS