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EIR No. 2004-01i ZOA No. 2004-06i DA No. 2004-04i CUP No. 2004-28i VTTM No. 2004-06i and SPR No. 2004-05 October 25, 2004 Page 7 Development Agreement The development agreement is a legal contract between the developer and the City defining the terms and nature of development. The term of the agreement is eight and one-half years. It establishes development intensity, density, permitted uses and standards for the term of the agreement. In exchange for the City vesting the standards and changing allowable intensity, the development agreement requires certain public benefits (Exhibit 7). The main points of the agreement as proposed by staff are: 1. Term: The term of the development agreement is 8~ years. 2. High Rise building developer approvals Residential: The developer is required to residential, for-sale, high rise tower(s) does not proceed wi th such a proposal the in this development agreement are vested. consider If the underlying 3. Public Art: Public art amounting to is required. This is expected requirement of $272,500. .5% of construction valuation to amount to a public art 4. Inclusionary Housing Fee: An inclusionary housing fee of $3,000 per dwelling unit is required. As 241 units are proposed, this would generate $723,000. 5. Santiago Park Improvement Fee: The developer is required to pay the City a special fee of $1.64 per usable square foot of commercial and residential development to be used for capital improvements at Santiago Park. This is expected to amount to a fee of approximately $776,000. 6. In-Lieu Park Fee: The developer is required to pay the City an in- lieu park fee of $35.50 per square foot of required parkland dedication. This is expected to amount to a fee of approximately $1.79 million. This fee would be offset, or reduced by the Santiago Park Improvement Fee, resulting in a net in-lieu park fee of $1.01 million. 7. Black Box Theater: The developer is required to construct a ~black boxll theater. 75A-40