ONE BROADWAY PLAZA DEV. AGMT - Laserfiche WebLink

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. . . 5. DEVELOPMENT OF THE PROPERTY. 5.1 Existing Rules, Regulations and Policies. The rules, regulations and official policies governing the pcnnittcd usc(s) of the Property, with respect to and only with respect to the pernlitted use(s) density, height, size of structures and intensity of use of the Property, shall be the Pre-existing Approved Entitlements and all those rules, regulations, and policies applicable to the Property as of the effective date ofthis Agreement; provided, however, that nothing in this Agreement shall be deemed to apply to future discretionary approvals pursuant to the California Street Vacation Act, and other items to be reviewed and approved, approved with conditions, or denied, hy the Planning Commission pursuant to the tenllS of the Pre-Existing Approval Entitlements as set forth in Exhibit D to this Agreement, and that this Agreement does not apply or in any way constrain thc City's discrction as to such future discretionary approvals. 5.1. 1 Offsite Mitigation Measures. The offsite mitigation measures which must be constructed by Owner or City are as set forth in Exhibit C to this Agreement. The design of all oŒ,ite mitigation measures constructed hy Owner shall he suhject to approval hy the City's Public Works Agency Plior to issuance of an encroachment pennit. The Public Works Agency shall provide to the Owner an update to the 2004 estimate of the costs such offsite mitigations measures contained in said Exhibit C prior to issuance of final map and building pennit. Owner shall have one year trom the effective date of this Agreement pursuant to section 1.6, above, to acquire the real property referenced in paragraph 5.a. and 8 of Exhibit C and transfer title to the City, except as to the roundabout, for which Owner shall secure and transfer to City an easement (or other right to construct, maintain and use the property as a roundabout). City shall accept transfer of this title and easement. Owner shall deposit an amount equal to the estimate in cash for such offsite mitigation measures (including traffic studies) at the time called for in paragraphs 5.a., 8 and 9 of Exhibit C. For all other items specified in Exhibit C, security in the fonn of bonds (i. e., a payment, a perfonnance and a material bond) or other proof of ability to perfonn acceptable to the City's Executive Director of Public Works Agency shall be provided, together with an offsite subdivision improvement agreement, prior to recordation of final map. For those offsite mitigation measures identified in paragraphs 1-4, 5.b.-8 and 10 which have not been accepted hy the City as complete prim to issuance of a building pennit, no building pennit shall issue until Owner deposits with the City cash; a direct draw, iITevocable letter of credit; or establishes an iITevocablc, escrowed cash account in a fonn reasonably acceptable to the City Attorney of City, in an amount specified by the City's Public Works Agency to guarantee perfonnance of said offsite mitigation measures; provided, however, that City Executive Director of Public Works Agency shall release or partially release the bonds previously provided at this point to the extent that they are duplicative of this new security. Any deposit shall be applied to such costs and shall be, within thirty (30) days written request [0 Owner, supplemented to cover the actual costs incuITed. Except as to paragraph 9 of Exhibit C, City shall return any funds not spent on the offsite mitigation measures referenced in Exhibit C to owner within thirty (30) days, subject to City accounting practices, after completion of all items referenced in Exhibit C and issuance of a Certificate of Occupancy for the Project. 7