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<br />CUP No. 04-24, DA No. 04-03, TTM No. 04-05, <br />VA No. 04-11, ZOA No. 04-05 and SPR No. 04-06 <br />November 22, 2004 <br />Page 5 <br /> <br />the use of proj ect residents. As a component of this proj ect, the <br />applicant is intending to construct a 3,500 square foot recreation and <br />fi tness center on the Podium level of the proj ect. The center will <br />include a 600 square foot fitness room with state-of-the-art exercise <br />equipment, a 400 square foot recreation room, an 800 square foot <br />computer room, a 400 square foot median room, a kitchen and restrooms. <br /> <br />The conditional use permit requirement is intended to ensure that the <br />facility is used for residents only as a public health facility would <br />resul t in the need for additional parking. To ensure the proj ect <br />remains for private use only, conditions of approval have been included <br />which limit the use of the facility to residents and invited guest only. <br /> <br />Development Agreement <br /> <br />The development agreement is a legal contract between the developer and <br />the City that defines the terms and nature of development proposed for the <br />project site. This agreement establishes development intensity, permitted <br />uses and standards for the term of the agreement. In exchange for the <br />City vesting the proposed project, the development agreement requires <br />certain improvements and public benefits (Exhibit 7). The primary deal <br />points of the agreement include: <br /> <br />1. The right to build out the project as entitled for a period of <br />ten years, with one two-year extension. <br /> <br />2. The developer will not be entitled to request or accept any <br />agreement with the Santa Ana Community Redevelopment Agency <br />for economic or other assistance in development of the <br />project. <br /> <br />3. Committing one-half of one percent (.5%) of the value of the <br />project, as determined by standard building permit valuation, <br />for the installation on the site, at a prime location visible <br />to the public, of permanent work(s) of public art. The <br />work (s) of public art shall be in place no later than the <br />first certificate of occupancy for the proj ect and shall be <br />maintained in perpetuity by the property owner (s) . In the <br />event the project is not constructed, the developer shall <br />donate an amount equal to the one-half of one (0.5) percent <br />public art commitment to the City for acquisition and <br /> <br />75C-12 <br /> <br />