NS-3087 - Village Specific Plan (1561 W. Sunflower Ave)

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3.6. Moratoria. Except as specifically set forth in this section, City agrees that to the extent permitted by law, no moratorium or other similar limitation(whether relating to the rate,timing, or sequencing of the development of the Project or any pant thereof and whether or not enacted by local initiative or otherwise)affecting subdivision maps,grading or building permits,occupancy certificates,or other entitlements approved,issued, or granted within the City,after the Effective Date of this Agreement,shall apply to the Project. Owner acknowledges and agrees that the provisions hereof shall not preclude the application to the Project of a moratorium or other similar limitation(of the type described in the preceding sentence)enacted in order to protect an imminent threat to the public health or safety. 3.7. Development Agreement/Project Approvals. In the event of any inconsistency between any Existing Land Use Regulation and a Project Approval,the provisions of the Project Approval shall control.In the event of any inconsistency between any Existing Land Use Regulation or Project Approval and this Agreement,the provisions of this Agreement shall control. 4. PUBLIC AND COMMUNITY SAFETY BENEFITS. 4.1. Public Benefits. The Project is expected to bring significant fiscal benefits to the City. The Project will also serve to implement the City's General Plan vision for the Property,which has long been designated as a District Center where intense mixed-use development is encouraged. In addition,Owner has committed by this Agreement to contribute the public and community safety benefits, as provided below. 4.2. Community Benefits. 4.2.1. PfojectCommunily Benefit Packa e.The Project will provide significant economic benefit to the City through additional jobs created by the construction and operation of the Project,property and sales tax revenue to the City,infrastructure improvements, neighborhood revitalization, and general economic benefit. In addition,Owner has agreed to provide the City with a Nine Million Three Hundred Thousand dollar($9,300,000)payment ("Community Benefit Payment"), which Community Benefit Payment shall be allocated at the City's sole discretion. The Community Benefit Payment shall be paid to City by Owner pursuant to the following schedule: (1)Two Million Five Hundred Thousand dollars($2,500,000) prior to or concurrent with the issuance of the first demolition permit in furtherance of the Project's first Specific Plan Phase("Community Benefit Payment No. l"); (2)Three Million Six Hundred Thousand dollars($3,600,000) concurrent with the issuance of the first building permit in furtherance of the Project's second Specific Plan Phase("Community Benefit Payment No. 2"); (3) One Million Three Hundred Thousand dollars($1,300,000)concurrent with the issuance of the first building permit in furtherance of the Project's third Specific Plan Phase("Community Benefit Payment No. 3"); and(4)One Million Nine Hundred Thousand dollars($1,900,000) concurrent with the issuance of the first building permit in furtherance of the Project's fourth Specific Plan Phase("Community Benefit Payment No, 4"). If the City has not received Community Benefit Payment No. 2 on or before the date that is 36 months and one day from the issuance of the Certificate of Occupancy for the first Specific Plan Phase,then Community Benefit Payment No.2 shall accrue simple interest at a rate of five percent(5%)per annum until such time as it is paid to the City. If the City has not received Community Benefit Payment No. 3 on or before the date that is 36 months and one day from the issuance of the Certificate of Occupancy for the second Specific Plan Phase,then Community Benefit No. 3 shall accrue simple interest at a rate of five percent(5%)per annum until such time as it is paid to the City. If the City has not received Community Benefit Payment No.4 on or before the date that is 36 Ordinance No. NS-3087 Page 21 of 41