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~IR No. 99-01, AA No. 04-01, GPA No. 04-01, and ZOA No. 04-02 February 23, 2004 Page 6 the Historic Resources Commission (HRC) determined that an additional mitigation measure was proposed by the HRC to require the developer to pay for the cost of the relocation and rehabilitation of the three historic structures that will be displaced fòr this proj ect. Should the Planning Commission concur with the HRC's recommendation, the Commission will need to add this mitigation measure to the Final EIR and Mitigation Monitoring Program. As a result of the impacts that cannot be mitigated to a less than significant level, adoption of a Statement of Overriding Considerations is required prior to approving the project. A Statement of Overriding Considerations is the process through which decision makers balance the economic, legal, social, and technological or other benefits of the proposed project against its unavoidable environmental impacts. ~eneral Plan Amendment To facilitate the development of this parcel, a general plan amendment is required. Currently, the land use designation for this site is Professional and Administrative Office (PAO), which allows development wi th a Floor Area Ratio (FAR) not to exceed 1.0. This proj ect will require amendments to the Land Use Element, including the creation of a new General plan Land Use Designation titled One Broadway Plaza Specific Development District Center, and the designation of the site as a Major Development Area in the General Plan (Exhibit 14). In addition, to accommodate the project as proposed, the General Plan floor area ratio needs to be increased to allow a development density of .2.9. The FAR was derived from the size of the proposed building and square footage of the remaining four structures along Broadway. This designation would be specific to the One Broadway Plaza site and would establish policies and standards that will allow the intensity and scale of the project (Exhibit 15). In addition, an amendment to the Circulation Element is required. A new street classification, the Local Commercial Street, needs to be adopted. This designation, to be applied to both Washington and Tenth Streets, acknowledges a higher vehicle capacity on these roads , (Exhibit 16). ' 4ItinallY, several amendments to the Urban Design Element are necessary in order to keep the General plan internally consistent. The primary revisions will designate this site as a landmark and a node. Due to 758-9