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AA No. 07-01, EIR No. 06-01, <br />GPA No. 07-01, ZOA No. 07-01, <br />DA No. 07-O1, SPR No. 07-1 and TTM No. 07-O1 <br />March 19, 2007 <br />Page 11 <br />for the City vesting approval of the proposed project, the development <br />agreement requires certain improvements and public benefits (Exhibit 15). <br />The primary deal points of the agreement include: <br />1. The right to build the project as entitled for a period of 10 years. <br />2. Submitting a phasing plan to the City in the event the towers are <br />constructed in two phases. The phasing plan, which must include a <br />landscaping plan, must be submitted to the Planning Commission for <br />approval. <br />3. Paying the City a fee of $1,450,000 in lieu of the dedication of <br />parkland as required in the City's Subdivision Ordinance (Section <br />34-204 et seq. of the Santa Ana Municipal Code). In addition, the <br />City will agree to discuss the possibility of the Revere House <br />property as a potential park site. <br />4. Paying the City a $3,000.00 per unit inclusionary housing fee when <br />each tower has sold 95 percent of the units and the units have <br />obtained their utility releases. <br />5. Completing all additional off-site mitigation measures as identified <br />the development agreement. <br />6. Agreeing to petition for and support the establishment of and/or <br />annexation into a Community Facilities District for the property. <br />7. Executing an irrevocable offer to dedicate to the City property as <br />necessary to effectuate the Metro East Public Realm Improvement <br />Plan. Currently, this consists of property located along First <br />Street and at the northern boundary of the project site, which is <br />identified as a pedestrian alley in the Public Realm Plan. <br />8. Preparation of Covenants, Conditions and Restrictions (CC&R's) for <br />the project that include provisions establishing occupancy limits <br />and limiting home based businesses to those allowed by the Municipal <br />Code. <br />The proposed terms of this agreement are the result of recently completed <br />negotiations between the City and the developer. Staff recommended that <br />the Planning Commission consider the proposed terms and forward its <br />recommendation on to the City Council, which it did on March 12, 2007. <br />75B-11 <br />