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