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2525 North Main Street January 14, 2019 Page 8 Development Agreement The development agreement (DA) is a legal contract between the developer and the City that defines the terms and nature of development proposed for the project site. This agreement establishes development intensity, permitted uses and standards for the term of the agreement. In exchange for the City vesting approval of the proposed project, the development agreement requires certain improvements and public benefits as part of the project (Exhibit 2). For example, the DA will memorialize requirements for public art, monetary contribution to fund physical improvements to Santiago Park, Park Santiago residents benefits such as access to on site amenities, security patrol of the residential neighborhood and Santiago Park, assistance in designating the Park Santiago Neighborhood Association as a historic district, and monetary contribution to Park Santiago Neighborhood Improvements and Traffic Calming for improvements such as street calming, traffic diversion, entry monuments, and street light upgrades. If approved, the agreement will include both deal points and project conditions for the project. Highlights of the DA include: Term of Agreement. The right to build the project as entitled for a period of four years, with an opportunity for up to two, consecutive one-year extensions. Extensions shall be subject to approval by both the Owner and the City Manager. Prior to granting an extension, the Owner shall pay $50,000 to the City's General Fund to compensate the City for lost revenue to be received by the City had the project been completed within the first four years. 2. Public Art. The Owner shall create, .Install, and. maintain .a public art project with a value equivalent to 0.5% of the total construction cost of the project. The work(s) of art shall be in place prior to issuance of the first certificate of occupancy for the project and shall be maintained in perpetuity by the property owner. 3. Santiago Park Improvement Funds. Provide funding for Santiago Park Maintenance and Improvements in the amount of $1,400,000 to the City for the construction of park improvements or the owner shall be authorized by the City to construct the park improvements at the owner's sole cost and expense up to $1,400,000. These park maintenance funds shall be deposited with the City within 180 days after the issuance of the first building permit for the purpose of completing park improvements including, but not limited to, installation of irrigation, landscaping, security lighting and bike trail enhancements as shown in Exhibit G to the Development Agreement. An additional $100,000 will be paid to the City prior to the issuance of the first building permit for the maintenance of neighborhood entry monuments. 4. Park Santiago Neighborhood Benefits Package. The Developer shall provide Park Santiago Neighborhood residents with access to on-site amenities, Amazon lockers, 24-hour roving security patrol within the Park Santiago Neighborhood and Santiago 75E-276