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2525 North Main Street January 14, 2019 Page 9 Park as shown on Exhibit H to the Development Agreement for a 55 -year period unless determined during an annual review that the term shall end earlier. 5. Historic District Application. If desired by the majority of the Park Santiago Neighborhood property owners, the applicant shall pay all costs and expenses associated with processing the application for historic district consideration, including reimbursing the City for costs incurred conducting the survey and any environmental review, up to and not to exceed the amount of $150,000. 6. Park Santiago Public Improvements. The Owner shall be responsible for the analysis, design, engineering, construction and inspection/administration of traffic calming/improvements at up to three locations on Edgewood and/or Bush Street to achieve traffic calming, entry monuments at three location at Main Street/Edgewood Road, Santa Clara Avenue/Lincoln Avenue and Santiago Street/17t' Street, replacement of all non LED street lights and/or fixtures with LED street lights and/or fixtures throughout the Park Santiago Neighborhood, and installation of a street light and decorative concrete pavement within the intersection at the Waikie Way/Santiago Park Drive and Main Street intersection. 7. Parking. Per the conditions of approval (Exhibit I to the Development Agreement) the applicant shall increase number of spaces or capacity to increase the onsite ratio of parking, including the use of valet parking, to an equivalent of two (2) spaces per unit. 8. Unit Mix. Per the conditions of approval (Exhibit I to the Development Agreement) the applicant shall increase the number of family units to a minimum of thirty percent (30%) of the proposed units to contain 2 & 3 bedrooms. The agreement also includes provisions for an overcrowding management plan, live work preference plan, local sourcing plan, construction management and property maintenance plans. The development agreement has been signed by the applicant indicating agreement to the terms. The agreement is not considered final until the City Council has reviewed and approved the agreement and the agreement is executed by all parties. General Plan Amendment To allow for the construction of a multi -family residential development on this parcel, a general plan amendment is required. Currently, the land use designation for this site is Professional and Administrative Office (PAO), which applies to areas that are predominately professional offices and/or administrative offices or areas where such development is encouraged. This project will require an amendment to the Land Use Element to amend the General Plan Land Use designation of the site to District Center (DC) with a density of 81 dwelling units per acre (reduced from 87 du/ac based on staff recommended changes) or a floor area ratio of 2.21 (Exhibit 3). 75E-277