2 - EIR18-01; DA18-01; GPA18-06; AA18-10_2525 N MAIN STREET

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EXHIBIT B Statement of Overriding Considerations Resolution No. _____ Page 76 of 76 Certification of the Magnolia at the Park EIR 8. The Project would provide additional multi-family housing to support the regionally forecasted increase in economic activities and employment increases. 9. The Project would redevelop an underutilized parcel to implement high-quality multi-family housing with recreation amenities, near transportation facilities and utilizing existing infrastructure capacity. 10. The Project would improve storm water filtration, such that unfiltered runoff would no longer be conveyed to Santiago Creek. All of the runoff from the site would be conveyed to infiltrating landscaping areas and catch basins that would improve the existing storm water quality that conveys to the creek. 11. The Project would install additional 24- and 36-inch box trees and tree wells along the Edgewood Road and N. Main Street right-of-way, providing additional public street trees. 12. The Project would result in the creation, installation, and maintenance of a public art project with a value equivalent to one-half of one percent of the total construction cost of the Project, pursuant to a development agreement entered into between the City and the Project Applicant, AC 2525 Main St., a California limited liability company (“Project Applicant”). 13. The Project would result in the Project Applicant constructing park improvements including, but not limited to, installation of irrigation, landscaping, security lighting and bike trail enhancements to Santiago Park pursuant to a development agreement entered into between the City and the Project Applicant, AC 2525 Main St., a California limited liability company (“Project Applicant”). 14. The Project would result in providing benefits to the Park Santiago neighborhood for a period of 55-year (subject to annual review) including access to on-site amenities, private 24-hour roving security patrol of Santiago Park and the Park Santiago Neighborhood pursuant to a development agreement entered into between the City and the Project Applicant, AC 2525 Main St., a California limited liability company (“Project Applicant”). 15. The Project would result in the Applicant preforming the analysis, design, engineering, construction, and inspection/administration of (1) Santiago Park neighborhood improvements at up to three locations on Edgewood and/or Bush Street to achieve traffic calming and traffic diversion. Improvements may be based on input from the Santiago Park Neighborhood Association and may include, but not be limited to, bulb-outs, traffic circles and medians within the neighborhood streets. (2) Street lighting enhancements within the Santiago Park Neighborhood. (3) A street light at the Santiago Park Drive / Main Street intersection. (4) Decorative concrete pavement within the intersection of Main Street/Walkie Way and Main Street/Santiago Park Drive pursuant to a development agreement entered into between the City and the Project Applicant, AC 2525 Main St., a California limited liability company (“Project Applicant”). 2-106