75E - PH 2525 MAIN ST - Laserfiche WebLink

Home Browse Search

EXHIBIT B Statement of Overriding Considerations 8. The Project would provide additional multi -family housing to support the regionally forecasted increase in economic activities and employment increases. 9. The Project would redevelop an underutilized parcel to implement high-quality multi -family housing with recreation amenities, near transportation facilities and utilizing existing infrastructure capacity. 10. The Project would improve storm water filtration, such that unfiltered runoff would no longer be conveyed to Santiago Creek. All of the runoff from the site would be conveyed to infiltrating landscaping areas and catch basins that would improve the existing storm water quality that conveys to the creek. 11. The Project would install additional 24- and 36 -inch box trees and tree wells along the Edgewood Road and N. Main Street right-of-way, providing additional public street trees. 12. The Project would result in the creation, installation, and maintenance of a public art project with a value equivalent to one-half of one percent of the total construction cost of the Project, pursuant to a development agreement entered into between the City and the Project Applicant, AC 2525 Main St., a California limited liability company ("Project Applicant"). 13. The Project would result in the Project Applicant providing $1,400,000 to the City for future park maintenance and for the purpose of completing park improvements including, but not limited to, installation of irrigation, landscaping, security lighting and bike trail enhancements to Santiago Park. 14. The Project would result in the Project Applicant providing $100,000 to the City for future maintenance of the three new entry monuments. 15. The Project would result in providing benefits to the Park Santiago neighborhood for a period of 55 -year (subject to annual review) including access to on-site amenities and Amazon locker, private 24-hour roving security patrol of Santiago Park and the Park Santiago Neighborhood. 16. The Project would result in the Project Applicant performing all tasks necessary, and paying all fees, not to exceed one hundred fifty thousand dollars ($150,000), associated with processing an application for consideration of the designation of the Santiago Park Neighborhood Association as a local historic district on the City's Historical Register. Provided the members of the Santiago Park Neighborhood Association support creation of a Park Santiago Historic District. 17. The Project would result in the Applicant preforming the analysis, design, engineering, construction, and inspection/administration of (1) Santiago Park neighborhood improvements at up to three locations on Edgewood and/or Bush Street to achieve traffic calming and traffic diversion. Improvements may be based on input from the Santiago Park Neighborhood Association and may include, but not be limited to, bulb -outs, traffic circles and medians within the neighborhood streets. (2) Santiago Park Neighborhood entry monuments at Main Street/Edgewood Road, Santa Clara Avenue/Lincoln Avenue, and Santiago Street/17th Street based on input from the Santiago Park Neighborhood Association. (3) Street lighting enhancements within the Santiago Park Neighborhood. (4) A street light at the Santiago Park Resolution No. Certification of the Magnolia at the Park EIR 75E-108 Page 70 of 71