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3.6. Moratoria. Except as specifically set forth in this section, City agrees that to the extent <br /> permitted by law,no moratorium or other similar limitation(whether relating to the rate,timing, <br /> or sequencing of the development of the Project or any part thereof and whether or not enacted by <br /> local initiative or otherwise) affecting subdivision maps, grading or building permits, occupancy <br /> certificates, or other entitlements approved, issued, or granted within the City, after the Effective <br /> Date of this Agreement, shall apply to the Project. Owner acknowledges and agrees that the <br /> provisions hereof shall not preclude the application to the Project of a moratorium or other similar <br /> limitation(of the type described in the preceding sentence) enacted in order to protect an <br /> imminent threat to the public health or safety. <br /> 3.7. Development Agreement/Project Approvals. In the event of any inconsistency between <br /> any Existing Land Use Regulation and a Project Approval,the provisions of the Project Approval <br /> shall control. In the event of any inconsistency between any Existing Land Use Regulation or <br /> Project Approval and this Agreement,the provisions of this Agreement shall control. <br /> 4. PUBLIC AND COMMUNITY SAFETY BENEFITS. <br /> 4.1. Public Benefits. The Project is expected to bring significant fiscal benefits to the City. <br /> The Project will also serve to implement the City's General Plan vision for the Property,which <br /> has long been designated as a District Center where intense mixed-use development is <br /> encouraged. In addition, Owner has committed by this Agreement to contribute the public and <br /> community safety benefits, as provided below. <br /> 4.2. Community Benefits. <br /> 4.2.1. Project Community Benefit Package. The Project will provide significant <br /> economic benefit to the City through additional jobs created by the construction and operation of <br /> the Project,property and sales tax revenue to the City, infrastructure improvements, <br /> neighborhood revitalization, and general economic benefit. In addition, Owner has agreed to <br /> provide the City with a Nine Million Three Hundred Thousand dollar($9,300,000)payment <br /> ("Community Benefit Payment"),which Community Benefit Payment shall be allocated at the <br /> City's sole discretion. The Community Benefit Payment shall be paid to City by Owner pursuant <br /> to the following schedule: (1) Two Million Five Hundred Thousand dollars ($2,500,000)prior to <br /> or concurrent with the issuance of the first demolition permit in furtherance of the Project's first <br /> Specific Plan Phase ("Community Benefit Payment No. 1"); (2) Three Million Six Hundred <br /> Thousand dollars ($3,600,000) concurrent with the issuance of the first building permit in <br /> furtherance of the Project's second Specific Plan Phase("Community Benefit Payment No. 2"); <br /> (3) One Million Three Hundred Thousand dollars ($1,300,000) concurrent with the issuance of <br /> the first building permit in furtherance of the Project's third Specific Plan Phase("Community <br /> Benefit Payment No. 3"); and(4) One Million Nine Hundred Thousand dollars ($1,900,000) <br /> concurrent with the issuance of the first building permit in furtherance of the Project's fourth <br /> Specific Plan Phase ("Community Benefit Payment No. 4"). If the City has not received <br /> Community Benefit Payment No. 2 on or before the date that is 36 months and one day from the <br /> issuance of the Certificate of Occupancy for the first Specific Plan Phase,then Community <br /> Benefit Payment No. 2 shall accrue simple interest at a rate of five percent(5%)per annum until <br /> such time as it is paid to the City. If the City has not received Community Benefit Payment No. <br /> 3 on or before the date that is 36 months and one day from the issuance of the Certificate of <br /> Occupancy for the second Specific Plan Phase, then Community Benefit No. 3 shall accrue <br /> simple interest at a rate of five percent(5%)per annum until such time as it is paid to the City. If <br /> the City has not received Community Benefit Payment No. 4 on or before the date that is 36 <br />