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PUBLIC HEARINGS *Councilmember Benavides excused himself from proceedings of Agenda Item 75A due to a conflict of interest (employer has a loan with developer). He did not participate in consideration of this item and left the dais at 7:15 p.m. 75A AMEND DEVELOPMENT AGREEMENT NO. 2004-01 FOR THE ONE BROADWAY PLAZA OFFICE TOWER - 1109 NORTH BROADWAY - ONE BROADWAY PLAZA, LLC, APPLICANT - Planning and Building Agency Recommended Action approved by the Planning Commission on June 14, 2010 by a 3-2 vote (Acosta and Yrarrazaval opposing, Alderete and Betancourt abstaining). Legal Notice published in the O.C. Reporter on July 9, 2010 and notices mailed on July 8, 2010. The following was presented by Planning and Building Agency Executive Director Jay Trevino: Request of Applicant Modify provisions of development agreement: 1. Allow ownership by joint venture partner(s) 2. Revise timing for payment for neighborhood traffic plans 3. Delete 50 percent pre-lease provision 4. Delete provision prohibiting the ability to request economic assistance 5. Extend deadline to refill excavated foundation Section 4.3 - Assignment Requires applicant to retain a minimum 51 percent ownership interest in project • Request to delete provision • Allows joint venture with financial entity(s) • Applicant will retain daily managerial control • Awkward for cities to attempt to control ownership • Provision is temporary because DA expires in 2011 (with possible extension to 2013) • All other provisions of Section 4.3 to remain Section 5.1.1 - Offsite Mitigation Measures Requires payment of funds for neighborhood traffic plans ($1.2 million) at permit issuance • Neighborhood traffic plans to analyze pre and post project traffic impacts in six neighborhoods • Payment delay will assist in obtaining project financing • Studies to commence 6 months prior to occupancy CITY COUNCIL MINUTES 10 JULY 19, 2010 1 0A-10