GRAND PLAN I & II 1 - Laserfiche WebLink

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5.1.3 Phasing. The Owner acknowledges and agrees that the Commencement of Construction of the Integral Project cannot commence until the Commencement of Construction has occurred on either of the Lake Towers or the Cinema Tower. 5.1.4 FAA Approval. Owner shall obtain and maintain, during the term of this Agreement, any and all necessary approvals from the FAA for the Project. Should such approvals lapse, and not be reinstated or reapproved prior to the issuance of a building permit for either of the Lake Towers and/or Cinema Tower, the City shall have the right to delay the issuance of building permits for either of the Lake Towers and/or Cinema Tower until such approvals are reinstated or reapproved. 5.1.5 Avigation Easement. The Owner shall, prior to issuance of the first building permit for the Project, execute the Avigation Easement in favor of the City. Owner and City may make non-substantive alterations in the A vigation Easement prior to its execution, to the extent such changes are approved by Owner and City (as to content by the City Manager, and as to form by the City Attorney). 5.1.6 Limit on Fast Food and Take Out Restaurants. At no time during the Term shall the Project include retail space which is devoted to "fast food" and "take out" restaurants. For purposes of this Agreement, a restaurant shall not be deemed to be a "fast food" or "take out" restaurant if it provides sit-down dining areas and primary table service for ordering and delivering meals and beverages, and take out service ancillary to such services. 5.1.7 Development, Construction and Completion of Public Art. Owner shall include within the Project, (i) two (2) gateway entry signs ("Signs"), and (ii) a single or grouped permanent work(s) of public art ("Work(s) of Public Art") consistent with the Public Art Plan (collectivelv referred to herein as the "Public Art") at a cost not to exceed Five Hundred Thousand Dollars ($500,000) ("Public Art Fee"). 5.1.8 Inclusionary Housing Fee. Owner shall pay to the City the sum of Three Thousand Dollars ($3,000) for each Residential Unit contained in each Element ("Inclusionary Housing Fee"). The Inclusionary Housing Fee shall be paid with respect to each Element containing Residential Units at such time as 75% of the Residential Units within such Element have received Utility Releases. The Inclusionary Housing Fee shall be used by the City for planning (including but not limited to preparation of one or more elements of its general plan or for zoning amendments), conceptual design, final design, bid preparation, award of bid, property appraisal, property acquisition, relocation, lost goodwill, and/or construction of new or substantially rehabilitated existing affordable housing in the City. 5.1.9 In-Lieu Park Development Fee. The Owner shall pay an in-lieu park development fee in the amount of Two Million Six Hundred Thousand Dollars ($2,600,000) with respect to the Residential Units within the Project ("In-Lieu Park Development Fee") payable for each Element in which Residential Units are located at such time as 75% of the Residential Units within such Element have received Utility Releases, based on a fraction the numerator of which is the total number of Residential Units in an Element and the denominator of which is the total number of Residential Units in the Project. The City shall use not more than twenty five percent (25%) of the In-lieu Park Development Fee for the acquisition of the land for parks and the construction of capital 11 DOCSOC/1110339vl1/24579-0001