Item 26 - Public Hearing Regarding Bristol Project

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Related Bristol Specific Plan Entitlements & Development Agreement (3600 S. Bristol St.) and Staff Resolution Modifying Parking Districts in the Surrounding Area October 1, 2024 Page 21 (Exhibit 8). These terms have been crafted to ensure high -quality development at the project site with positive financial impacts to the City. Additional details are provided in the summary of major deal points in Table 5, Development Agreement Major Deal Points. Table 5: DA Major Deal Points Topic Ad Hoc Committee Proposed by DA Recommendation Recordation Record the DA against the property, Consistent — The DA will be recorded not the leaseholder. against the fee property subject to terms and conditions of a Joinder. Term (Duration) and One 20-year term, and one 5-year Consistent — The DA will have a Extension extension. single 20-year term. In addition, The DA will allow for a single 5-year automatic extension provided grading permits have been issued and construction has commenced on (a) no less than 250,000 square feet of non-residential floor area (e.g., retail, grocer, restaurants), and (b) a hotel subject to financial feasibility. Timing (Phasing) Require commencement of Consistent — the DA stipulates that no construction for at least 175,000 sq. building permits for residential units ft. of commercial building area for any shall be issued in excess of 1,875 residential permits in excess of 1,875 unless and until Owner commences units. Phase 1 or 2 shall have a construction activities for at least grocer of at least 35,000 sq. ft. 175,000 square feet of commercial. Commercial in Phase 1 or Phase 2 shall include a grocer of no less than 35,000 square feet, which supports the community's and City's goals of maintaining a full grocer in the area. Community Benefits Concurrent with construction of Phase Consistent — Developer agrees to 1, Owner shall provide, if requested provide a Police Department by the City, exclusive use of a 500- substation, and the $22,000,000 square foot space and 3 dedicated Community Benefit Payment shall be parking for use by the Police paid to City by Owner pursuant to the Department as an administrative following schedule: (1) $8,000,000 substation. Additionally, a prior to or concurrent with the $22,000,000 Community Benefit issuance of the first demolition permit Payment will be paid in a three- in furtherance of the Project's first payment schedule. Specific Plan Phase; (2) $6,000,000 prior to the issuance of the first building permit in furtherance of the Project's second Specific Plan Phase;