75E - PH - 2525 N. MAIN ST._ADJOURNED

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EIR No. 2018-01, DA No. 2018-01, GPA No. 2018-06, AA No. 2018-10 2525 North Main Street February 5, 2019 Page 8 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: 1. 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 orthe 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 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/17'h 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 Walkie Way/Santiago Park Drive and Main Street intersection. 75E-8