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11A - 2525 SECOND HEARING
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11A - 2525 SECOND HEARING
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Last modified
11/27/2019 1:54:46 PM
Creation date
11/27/2019 12:03:50 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Planning & Building
Item #
11A
Date
12/3/2019
Destruction Year
2024
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4. PUBLIC BENEFITS. <br />4.1 Intent. The Parties acknowledge and agree that development of the <br />Property will result in substantial public needs that will not be fully met by the <br />Development Plan and further acknowledge and agree that this Agreement confers <br />substantial private benefits on OWNER that should be balanced by commensurate <br />public benefits. <br />4.2 Public Benefits. OWNER has committed by this Agreement to <br />contribute to the acquisition, construction and maintenance of certain "Public <br />Benefits" as provided below <br />4.2.1 CITY Facilities. OWNER shall provide the following benefits <br />towards the acquisition, construction and maintenance of the CITY Facilities, as follows: <br />(a) Public Art. OWNER shall create, install, and <br />maintain a public art project with a value equivalent to one-half of one percent (0.5%) <br />of the total construction cost of the Project. Total construction cost shall mean all <br />design, engineering and construction costs. OWNER shall prepare and submit to the <br />City, no later than one hundred eighty (180) days before final approval for occupancy <br />or the issuance of a certificate of occupancy, a public art plan that is consistent with <br />Chapter 15 of the Citywide Design Guidelines, Public Art Guidelines. The approved <br />art shall be installed prior to final approval for occupancy or the issuance of a <br />Certificate of Occupancy for the Project. <br />(b) Santiago Park Improvement Construction. At the <br />City's determination, Owner shall manage and construct the Santiago Park Phase II <br />Park Improvements ("Park Improvements") subject to review and approval by the <br />City. The Park Improvements shall include, but are not limited to design, engineering, <br />permitting, construction, and installation of irrigation, landscaping, security lighting <br />and bike trail enhancement, as described in more detail on Exhibit G. The total <br />expenditure for the Park Improvements shall not exceed One Million Four Hundred <br />Thousand Dollars ($1,400,000) ("Phase II Expenditure"). The State Coastal <br />Conservancy has notified the City that it has allocated up to Two Hundred Fifty <br />Thousand Dollars ($250,000) for the Design of the Park Improvements. If and when <br />the City receives the funds, in the event that the Design work for the Park <br />Improvements is less than Two Hundred Fifty Thousand Dollars ($250,000), the City <br />at its sole discretion, may make a request to State Coastal Conservancy, and if <br />approved by the Agency, the City will apply the excess grant funds to construction as <br />part of the City's contribution to the Park Improvements. Owner shall be responsible <br />for all aspects of the Park Improvements. Prior to issuance of permits, City shall have <br />the rights to review, approve, and accept the design and material quality of the Park <br />Improvements. Owner shall complete the Park Improvements in a timely fashion, by <br />the earlier of 36 months following issuance by the City the first building permit for <br />the construction of the Development, or prior to issuance of final approval of <br />occupancy for the Development. Following completion of the Park Improvements, <br />and no later than three years from the issuance of a notice of acceptance of Park <br />Improvements, City shall reimburse Owner an amount equal to fifty percent (50%) of <br />the total cost of the Park Improvements, up to Seven Hundred Thousand Dollars <br />-13- <br />SSI'M,000211SSIt3 [} 11A-26 <br />
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