75D - PH- MAIN PLACE TRANSFORMATION

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ER No. 2018-72, AA Transformation Project May 13, 2019 Page 9 No. 2018-04, DA No. 2018-02, & TPM No. 2018-01, — MainPlace Standard _00sc-4 tion T Residential: 1.5 spaces per unit, plus 0.15 spaces per unit for guest parking (1.65 gross parking spaces per unit) Hotel: 1.1 spaces per room Office: 3.0 spaces per 1,000 s . ft. gross floor area Onsite Open Space Minimum 200 square feet onsite per each residential unit; Minimum 15 percent and Landscaping open space for each planning area within the Specific Plan, Tentative Parcel Map The applicant has submitted a tentative parcel map to subdivide the project site into 10 parcels to create developable sites within the Specific Plan area. The 10 parcels include MainPlace Mail, which will remain at the core of the Specific Plan area. The remaining 9 parcels will surround the mail building, creating sites for mixed -use, residential, hotel, parking structure, and/or office developments to be submitted individually in the future. The tentative parcel map details roadway and utility improvements, as well as realignment of Main Place Drive in Parcel 1 to create a standard, rectangular -shaped parcel for future mixed -use development. These improvements will require a vacation of a portion of Main Place Drive near the Macy's building and vacation of smaller roadway segments due to various street improvements proposed along Main Place Drive for bike lanes and utility infrastructure. CC&Rs will be adopted to define the operating and maintenance requirements. They will also maintain a property owner's association responsible for maintenance and enforcement of the CC&Rs and will ensure that parking and access can be shared throughout the entire Specific Plan area The tentative parcel map leaves the Macy's parcel as -is, as it is an existing condition. The parcel is currently under separate ownership and is subject to a long-term lease, which render possible adjustments to the parcel as part of the tentative map impossible. The Specific Plan addresses any potential redevelopment that could take place on that parcel should Macy's reevaluate Its presence at the site. Development Agreement The applicant has requested approval of a development agreement (DA), which is a contract between the City and a developer that provides assurances and public benefits for both parties. The development agreement addresses the term of the agreement, possible extensions, indemnification, incentives for buildout of the non-residential and residential components of the project, requirements for recording conditions, covenants, and restrictions (CC&Rs), public art, City access to onsite open space areas, positive local Impacts, overcrowding mitigation plans, and monitoring and reporting. These terms have been crafted to ensure high -quality development at the project site with positive financial impacts to the City. Additional details are provided in the summary of major deal points In Table 6, Development Agreement Major Deal Points. 75D-25