ONE BROADWAY PLAZA DEV. AGMT - Laserfiche WebLink

Home Browse Search

18 8 8 that it shall not apply to the Project any subsequently adopted ordinance, regulation or policy that would adversely affect the design or reduce the size ofthe project, or the timing or sequencing of construction of the Project (including without limitation, through allocation of square footage or floor area allocation of water and sewer permits, school and traffic capacities and modifications of floor area rations to open space or other public improvements, and revisions to historical designations). 5.6 Processing Fees. All fees and charges intended to cover City costs associated with processing development ofthe Property, including but not limited to fees and charges for applications, processing, inspections, plan review, plan processing, and/or environmental review, which are existing or may be revised or adopted during the term of this Agreement shall appJy to the development of the Property. No newly adopted fee or charge imposed solely on cOl1TI11ercial buildings exceeding ten (10) stories in height or one hundred thousand (100,000) square feet size shall apply to development of the Property, unless said fee or charge is mandated by federal or State law. 5.7 Amendments or Additions to Citywide Fee Programs. This Agreement shall not preclude the inclusion of and changes to fee programs, taxes whether special or general, or assessments (hereafter collectively refeITed to as "fees") adopted by the City after the effective date ofthis Agreement, which shall be applicable to the Project or the Property provided that they (1) are standard fees applicable to all development in the City (although actual fee rates may vary within the City where bona fide Citywide fee zones have been established), (2) are not applicable primarily or only to this Project, or (3) are not imposed to duplicate any project design features conditions of approval, Agreements, or mitigation measures already contained in Environmental Impact Report No. 99-01 or this Agreement. 5.8 Condition Precedent to Issuance Of Any Building Permit. The Owner shall not be issued any building permit, or rough grading permit permitting grading exceeding twelve inches (12") in depth (except as provided in section 5.9(3), below), for the Project until it provides evidence that the Owner has obtained binding cOl1TI11itments for lease of not less than 50% of the net leasable area in the Project from tenants who would qualify as "Investment Grade Tenants" (BBB- or greater) as rated by either Standard & Poor's or Moody's rating agencies. Non-rated publicly held, or private companies with a rating ofBB or BB+ may meet this requirement by providing a "Shadow Rating" from either agency depicting a minimum of a ncutral credit outlook. Law firms shall provide evidence ofa rating of "A V" from Martindale- Hubbell or equivalent rating agency. Binding cOl1TI11itments to lease shall be in a fonn and content normally accepted by conventional lending institutions and subject to the review and approval of the City's Executive Director of Planning and Building, which approval shall not be umeasonably withheld. Owner shall have the right to COl1TI11ence demolition of existing non- historic buildings, and removal and relocation of historic buildings and rough grading (only to the twelve inch (12") depth permitted by the first sentence of this section) prior to the review and approval ofthe City pursuant to this section. 5.8.1. Payment Of Prevailing Wage. For the provision ofthe payment of "Prevailing" and/or "Area Standard Wages" as appropriate, the Owner shall submit evidence that it has entered into a labor agreement with the Los Angeles and Orange Counties Building and 9