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4 <br />For new digital billboards signs to be considered for a reduction in or exemption from the <br />required removal ratios as outlined in Table 1, the Subject Property shall satisfy all of the <br />criteria enumerated below: <br />(1) Propose in conjunction with the development of a new or an existing tax <br />revenue generating business, a retail mall, or a local taxable consumer goods <br />retail district that is regional in nature and is able to reasonably demonstrate <br />regional draw of consumers from neighboring cities and counties and <br />competitiveness in the region, or is an established business with a national <br />presence having at least fifty (50) or more locations nationally demonstrating <br />the following economic benefits: <br />a. Projected annual gross taxable revenue average of at least $5,000,000 <br />(five million); and <br />b. Commit to employing at least forty (40) full-time employees, of which a <br />minimum 20 percent (20%) of its employees who reside in Santa Ana; <br />and <br />(2) Retain no less than thirty percent (30%) of time slots within advertising cycle <br />for advertising of the business and products available on the Subject <br />Property; and <br />(3) In receipt of a preliminary approval letter of conformance from Caltrans for an <br />off-premise sign; and <br />(4) The applicant and business operator and the CITY shall enter into a Billboard <br />Operating Agreement as set forth in Section 41-1113 of this Chapter. <br />2. Effect of City Regulations on Development of Project. <br />Except as expressly provided in this AGREEMENT, all substantive and procedural <br />requirements and provisions contained in CITY’s ordinances, specific plans, design <br />guidelines, rules and regulations, including, but not limited to zoning and building codes <br />and approved billboard designs on file with the Planning and Building Agency, in effect <br />as of the effective date of this AGREEMENT, shall apply to the construction and <br />development of the Subject Property. <br />3. Operating Requirements <br />The following covenants shall run with the sites until such time as the billboards are <br />removed from the sites: <br />A. Covenants Regarding Operation and Maintenance. OPERATOR shall operate and <br />maintain the billboards in good working order and in accordance with all applicable laws, <br />including without limitation, the California Outdoor Advertising Act (California Business <br />and Professions Code Section 5200, et seq.) and California Department of <br />Transportation regulations and specifications adopted pursuant thereto (Title 4 California <br />Code of Regulations, Section 2240, et. seq.). <br />B. Maintenance. OPERATOR shall, at OPERATOR’s sole cost and expense, maintain and <br />repair or cause to be maintained and repaired the billboards and any and all security <br />lighting or appliances installed in accordance with any entitlements and building permits <br />issued by the CITY and any and all other applicable laws. The billboards and the sites