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EIR No. 2018-01, DA No. 2018-01, GPA No. 2018-06, AA No. 2018-10 2525 North Main Street November 19, 2019 Page 10 and setbacks, it was determined that the project would result in a substantial change in views from existing conditions and would result in a significant and unavoidable impact to the aesthetics. The October Modified Projectwould have similar aesthetic impacts compared to the originally proposed project. As this impact cannot be mitigated to a less than significant level, adoption of a Statement of Overriding Considerations is required before the City Council can approve the project. A Statement of Overriding Considerations has been prepared and is the process through which decision makers balance the economic, legal, social, and technological or other benefits of the proposed project against its unavoidable environmental impacts. Development Agreement Due to a reduction in the size of the project and the elimination of the need for a land exchange with the City, the applicant is proposing to amend the terms of the development agreement. The agreement is a legal contract between the developer and the City that defines the terms and nature of development proposed for the project site. Highlights of the revised DA include: 1. Term of Agreement. The terms of the agreement remain the same. 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 inclusion of public art remains the same. 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. Modification to the Santiago Park Improvement. The term to construct park improvements up to $1,400,000 remains. However, the terms have been modified to propose that the City and developer equally share in the cost of the Santiago Park improvements. The developer will be responsible to front the cost of construction and construct the park improvements and contribute up to 50% of the estimated construction cost ($700,000). The City's 50% portion would be repaid over a period of three years. These park improvements include, but are not limited to, installation of irrigation, landscaping, security lighting and bike trail enhancements to Santiago Park. 4. Modification to the Park Santiago Neighborhood Benefits Package. The developer has eliminated the on -site Amazon lockers from the benefit package. The developer has retained the terms to provide Park Santiago Neighborhood residents with access to on - site amenities and 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.