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EIR No. 2007-02; ZOA No. 2008-04; DA No. 2004-04; CUP No. 2008-34; VTTM No. 2008-04; and SPR No. 2008-05 January 12, 2009 Page 8 Building Height The maximum building height will be adjusted to mirror the tower project as proposed, a maximum of 366 feet. This change would only allow this height on Lot 1 of Vesting Tentative Tract Map No. 17242. All other height restriction will remain in place. Development Agreement The development agreement is a legal contract between the developer and the City defining the terms and nature of development. In 2004, a development agreement was approved; 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 6). The main points of the amended agreement as proposed by staff are: 1. Term: The term of the development agreement will provide 10 years. If by the seventh year permits have not been obtained, additional fees will be applied including public art. 2. Inclusionary Housing Fee: An inclusionary housing fee of $3,000 per dwelling unit or a minimum $1,059,000 is required. As 353 units are proposed, this would generate $1,059,000. 3 . In-Lieu Park Fee : The developer is required to pay the City an in- lieu park fee of $7,841 per unit. This is expected to amount to a fee of approximately $2.76 million. 4. Conditions, Covenants & Restrictions: The developer is required to prepare and record CC&Rs to cover the residential units similar to those CC&Rs required of the first phase as well as Nexus and First and Cabrillo projects. These requirements limit the number of residents in each unit and require owner occupancy. Conditional Use Permit A conditional use permit has been requested to allow the residential condominium tower project. Should Zoning Ordinance Amendment No. 2008- 04 be approved, a conditional use permit will be required for any 75A-10